(Reuters) - Two institutional proxy advisory services, Institutional Shareholder Services and Glass Lewis & Co., had recommended against an earlier $19.5 billion bid to take Clear Channel private, saying $39 a share was too low.
According to a term sheet contemplating a change in the terms and structure of the proposed merger, Chairman Lowry Mays, CEO Mark Mays and CFO Randall Mays -- who together own more than 6 percent -- and each Clear Channel director would receive $37.60 per share in cash for their stock.
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