Bids close for Clear Channel
At least two private bids have been made for American media giant Clear Channel, it has been reported.
The largest radio operator in North America announced last month it was looking to evaluate strategic alternatives to enhance shareholder value. This could mean the sale of all 1200 radio stations to a private equity firm or the founding Mays family.
The deadline for offers passed on Monday afternoon, with American media reporting two bids have been submitted.
A recent report on msnbc said:
One bid was likely to come from the group of Providence Equity Partners, the Blackstone Group and Kohlberg Kravis Roberts & Co., said a person familiar with the bidding process, speaking on condition of anonymity because Clear Channel had not yet decided when it would make a public announcement.
Another consortium reportedly interested in Clear Channel is comprised of Bain Capital, Thomas H. Lee Partners and the Texas Pacific Group, according to news reports. Another source familiar with the process, also speaking anonymously because there was no formal announcement, said at least one of those three planned to be involved in a bid submission.[/i]