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Clear Channel, Banks Clear Air With $17.9B Deal

Law360 (May 14, 2008, 12:00 AM EDT) -- Clear Channel Communications Inc. and the private equity firms it sued for reneging on an agreement to buy it last year finally entered into a $17.9 billion deal, the radio operator said Tuesday.

Clear Channel said that Bain Capital Partners LLC, Thomas H. Lee Partners LP and a bank syndicate consisting of Citigroup, Deutsche Bank, Morgan Stanley, Credit Suisse, Royal Bank of Scotland and Wachovia, will be giving shareholders $36 a share for the company.

Alternately, shareholders can also exchange their shares of Clear Channel common...
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