Star Tribune Thu, 27 Mar 2008 12:52:12 GMT
Clear Channel says Texas judge orders banks not to interfere with closing of $19.5B buyout
SAN ANTONIO - Clear Channel Communications Inc. said Thursday that a Texas judge has issued an order barring banks from taking steps that would "interfere or thwart" the closing of the proposed $19.5 billion buyout of the nation's biggest radio station operator. Clear Channel sought the order in a lawsuit filed Wednesday as the banks were said to be balking at terms of their earlier commitment to finance the deal. A group of private equity firms have agreed to pay $39.20 a share for Clear Channel. Its shares price has fallen sharply on worries the deal will not be completed. In premarket trading, Clear Channel shares rose $3.58, or 13.7 percent, to $30.50. "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 in a statement. The company had hoped to complete the deal this month.
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