Jones Day Reps Cumulus In $2.1B Offer For Citadel

Law360, New York (December 17, 2010, 2:11 PM EST) -- Cumulus Media Inc. has asked Citadel Broadcasting Corp to reconsider its $2.1 billion offer for the formerly bankrupt radio company, hoping to revive the proposal that Citadel's board of directors recently shot down.

In a statement Friday, Cumulus confirmed it made a proposal to Citadel's board on Nov. 29 to acquire all of the company's outstanding equity for $31 per share. However, Citadel informed Cumulus on Dec. 6 that its board rejected the proposal as not being in the best interests of its shareholders, the statement...
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