The Board of Directors of Clear Channel Communications, radio and outdoor advertising, has to respond to the revised offer from two private equity firms to take the company private. In November 2006, the Council unanimously approved the offer of $ 37.60 per share, after going through intensive negotiations with a number of firms, but institutional shareholders have indicated that they reject the proposal. In light of this recent news, two private equity firms back to the Council with a revised proposal. Council must now decide if it believes that the new proposal will meet institutional shareholders, one of which is a fund of hedge activist. "Hide
by Richard S. Ruback, Leslie S. Pearson Source: Harvard Business School 11 pages. Publication Date: November 7, 2007. Prod. #: 208083-PDF-ENG
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