Clear Channel Accused Of Bid Rigging

Law360, New York (January 31, 2007, 12:00 AM EST) -- A shareholder of Clear Channel Communications has challenged the media company’s attempt to sell the company, saying the bidding process was rigged by top executives who are part of a group of investors that wants to take over the company.

Pioneer Investments Kapitalanlagegesellschaft mbH accused Clear Channel’s board of directors of swaying bids for the company towards a group of investors including the Mays family, also part of the board of directors.

Pioneer said Clear Channel violated the Securities Exchange Act by misrepresenting facts and omitting...
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