Cox Radio neutral on Cox Media tender; offer price may go up to $4.20

By Lisa Kerner

Charlotte, N.C., April 20 - The special committee of the board of directors of Cox Radio, Inc. withdrew its recommendation that stockholders accept the tender offer by Cox Media Group, Inc.

According to Cox Radio, Cox Media Group and Cox Enterprises, Inc. are considering increasing the offer price to $4.20 per share from $3.80.

The special committee said that as a result, it is now taking a neutral position on the offer.

Cox Enterprises and Cox Media extended their tender offer at the current offer price to midnight ET on May 1 from April 17.

As previously reported, Cox Media began the tender offer for Cox Radio on March 23.

The tender offer is valued at approximately $69.1 million.

Cox Radio, an Atlanta-based radio broadcasting company, is a subsidiary of Cox Media.

Cox Media is a subsidiary of communications, media and automotive services company Cox Enterprises, which is also based in Atlanta.

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