Cox Enterprises announced late Tuesday (May 19) it had successfully completed its tender offer to take Cox Radio private. The company, which owned a 78 percent equity in Cox Radio, offered $4.80 a share for the remaining 22 percent of the radio company it did not own.
“We are pleased that Cox Radio shareholders supported this transaction and, in so doing, took advantage of an excellent opportunity to obtain liquidity at a 45 percent premium over the closing price the trading day prior to commencement of the offer,” said Jimmy W.
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