Clear Channel Shares Up On Restraining Order |
| CNNMoney.com - Mar 27, 2008 |
Shares of Clear Channel Communications Inc. (CCU) rose in premarket trading Thursday after the media company said it was granted a temporary restraining order late Wednesday against a number of banks to force them to follow through with funding its $19.4 billion buyout with two private-equity firms.
Under the order, the banks must not "interfere with or thwart consummation of the merger agreement" - under which two private-equity firms would acquire Clear Channel for $19.4 billion and take on $7.8 billion of its debt - by refusing to fund it, insisting on terms other than those in the agreement or refusing "to act in good faith in the drafting of definitive loan documents."
"We are pleased that the banks and the purchasers will now be able to move quickly to complete the loan documents and fund the merger," Clear Channel said.
Read Full Article from CNNMoney.com
- Posted: 2008-03-27 08:29:45
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