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NEW YORK The chances that Clear Channel shareholders will agree to the $19 billion buyout offer from private equity firms Bain Capital Partners and Thomas H. Lee Partners continue to dim.
Institutional Shareholders Services, the most influential proxy advisor to hedge, mutual and other fund managers, Thursday recommended shareholders reject the $37.60 per share offer, characterizing the offer as a “very modest premium.”
ISS joins a growing list of shareholders that oppose the deal since it was announced in November.
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