SAN ANTONIO - Clear Channel Communications Inc. shareholders approved on Tuesday a $19.5 billion buyout of the nation's biggest radio station operator, more than 10 months after the deal was proposed.
The offer from a private equity group led by Thomas H. Lee Partners LP and Bain Capital Partners LLC was first announced in November but was sweetened several times after some large shareholders signaled they would oppose earlier offers.
The latest offer was $39.20 per share in cash or stock. Current shareholders could end up with as much as 30 percent of the new, privately held company.
"We are pleased with the outcome of today's vote," CEO Mark Mays said in a …
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