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Cox Enterprises announced Monday (March 23) a deal to take Cox Radio private. The company, which owns a 78 percent equity in Cox Radio, is making a cash tender offer for all the outstanding shares of Cox Radio valued at $69.1 million. The offer, which expires April 17, represents a 15.2 percent premium over Friday’s closing price.
If after the tender offer Cox Enterprises owns 90 percent of Cox Radio’s equity, Cox Radio would become a wholly-owned subsidiary of Cox Enterprises.
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