Clear Channel investor vote imminent
EmptyNEW YORK -- U.S. radio station operator Clear Channel Communications Inc. on Tuesday set the clock ticking on a shareholder vote for its $19.6 billion buyout, by announcing a July 27 record date.
Investors have to own shares before that date if their vote on the deal is to be counted.
San Antonio-based Clear Channel agreed in May to put a $39.20-a-share bid from Bain Capital Partners and Thomas H. Lee Partners to a shareholder vote. That deal gives investors an option to hold a stake of up to 30% in the company following the buyout, known as "stub equity".
While Clear Channel did not announce a day for the vote, it has to be carried out within 60 calendar days of the record date.
A source familiar with the situation said the aim was to hold a vote in mid-August to late August.
A spokesman for CCU said in an email: "The record date starts the clock running for the date we are permitted to call the special meeting. We can't set the exact date of the special meeting until we get SEC clearance, which we would expect soon."