CC Shareholders Approve $17.9 Billion Buyout

Clear Channel shareholders Thursday (July 24) approved the $17.9 billion buyout by Bain Capital and Thomas H. Lee Partners. About 97 percent of the shares voted were cast in favor of the going-private transaction, the radio and outdoor company said.

The vote is the third since the deal was announced in November 2006.

“We are pleased with the outcome of today’s vote,” said Mark Mays, chief executive officer of Clear Channel.

Under the terms of the merger agreement, Clear Channel shareholders will receive $36.00 cash for each share they own.

The parties intend to close the deal Wednesday, July 30.