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Clear Channel Communications: Lee Partners
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March 2 (Reuters) - Clear Channel Communications Inc. (CCU.N: Quote, Profile, Research) urged its shareholders to vote for the proposed merger with a group led by private equity firms T.H. Lee Partners L.P. [THL.UL] and Bain Capital Partners LLC.
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SAN ANTONIO--(BUSINESS WIRE)--Clear Channel Communications, Inc. (NYSE:CCU) today announced that it has entered into a second amendment to its previously announced merger agreement with a private equity group co-led by Thomas H. Lee Partners, L.P. and Bain Capital Partners, LLC. Under the terms of the merger agreement, as amended, Clear Channel shareholders will receive $39.20 in cash for each share they own plus additional per share consideration, if any, if the closing of the merger occurs after December 31, 2007. This is an increase from the previous cash consideration of $39.00 per share.
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[T]he partnership with Clear Channel represents a step forward for Google. The deal will run for several years, and will give Google access to just under 5 percent of Clear Channel's commercial time.
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"Our partnership with Clear Channel's Instant Live gives music fans the opportunity to see a great concert and then go home and download it on Napster" said Chris Gorog, Chairman and CEO of Napster. "Giving our members access to truly 'live' performances allows them to recapture the concert experiences of favorite artists and enriches the environment of discovery and appreciation that Napster fosters."
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"Het doet ons genoegen te kunnen investeren in Clear Channel met Highfields Capital als partner in de transactie," zei Scott Sperling, Co-President van THL Partners. "We hebben hard gewerkt aan een constructie die in de doelstellingen van verschillende investeerders voorziet en we zien uit naar een nauwe samenwerking met Highfields Capital, zowel in de komende weken als verder in de toekomst," voegde John Connaughton, een Managing Director bij Bain Capital toe.
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