Clear Channel pushes back buyout vote

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Clear Channel Communications on Monday delayed a vote on a proposed $19.35 billion buyout of the radio company and said it was talking to bidders about a revised offer. The company already had received enough proxies to defeat the proposed buyout, which would require a two-thirds vote for approval. The shareholder meeting scheduled for today was postponed until May 22. Clear Channel said its board was talking with private-equity firms about increasing the price from $39 per share to $39.20 and letting shareholders pick between getting paid in cash or stock of the new company. Clear Channel shares rose 95 cents Monday to $37.30.
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