America's largest radio broadcaster Clear Channel Communications has agreed to a buyout at a much reduced offer of 36 dollars per share as a legal agreement is finally reached.
According to a statement, Bain Capital LLC and Thomas H. Lee Partners LP originally offered 39.20 dollars per share last year, after the dispute over financing came to and end.
Shareholders will vote on the revised offer and the purchase is expected to close by the end of the year pending approval, Clear Channel said.
"This agreement greatly increases the certainty the merger will close" Clear Channel chief executive officer Mark Mays said.
"It's a great company and the economics of the business are great," he said in an interview.