As expected, a special committee of independent directors has been formed to evaluate the offer by Cox Enterprises to buy out all other shareholders of Cox Radio for $3.80 per share.
Cox Radio said the special committee consists of Juanita P. Baranco and Nick W. Evans, Jr. “The members of the special committee have been functioning in their capacity as the special committee since March 23, 2009. The special committee expects to file and distribute a Schedule 14D-9 containing its position with respect to the tender offer by April 3, 2009 and advises stockholders to take no action at this time until the special committee has had a chance to consider the tender offer,” the company said.
The special committee has retained Gleacher Partners LLC as its financial advisor and DLA Piper LLP (US) as its legal advisor. Cox Enterprises and Cox Media Group (the subsidiary making the buyout offer) have retained Citigroup Global Markets Inc. as their financial advisor and Dow Lohnes PLLC as their legal advisor.