Termination date extended in Clear Channel merger

By Lisa Kerner

Charlotte, N.C., Dec. 12 - Clear Channel Communications, Inc. exercised its right to extend the termination date to June 12, 2008 from Dec. 12 under its merger agreement with an affiliate of a private equity group co-led by Bain Capital Partners, LLC and Thomas H. Lee Partners, LP.

As previously reported, the merger of Clear Channel with the equity group affiliate is set to close in the first quarter of 2008 subject to Federal Communications Commission consent and the expiration or termination of the Hart-Scott-Rodino waiting period.

In September, Clear Channel shareholders approved an amended merger deal that gives them $39.20 cash per share. Shareholders will receive an additional per-share consideration if the merger closes after Dec. 31, it was previously reported.

Clear Channel is a San Antonio media company.

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