Clear Channel Communications Inc. is considering a sweetened $19.5 billion bid from private-equity investors led by Bain Capital Partners LLC and Thomas H. Lee Partners LP.
The nation’s largest radio broadcaster said Monday that a shareholder meeting scheduled for Tuesday to consider an earlier bid was moved to May 22. Bain and Thomas H. Lee raised their offer to $39.20 a share from $39 a share last week.
The latest proposal gives Clear Channel investors the option of taking cash and stock. The board rejected a similar offer last week, saying “significant shareholders” weren’t interested. Last week’s bid also proposed lower terms for Clear Channel’s controlling Mays family.
The company said Monday it agreed to continue talks after a number of shareholders, including some of its largest owners, contacted board members.
Bain and Thomas H. Lee revised their offer amid opposition from Fidelity Investments and Highfields Capital Management. Highfields spokesman Larry Larsen declined to comment.
