This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Clear Channel Holding Settlement Talks

Shares of Clear Channel Communications (CCU - Get Report) rose 9.5% Monday after the company said it's holding settlement talks with a group of banks that had balked at funding its acquisition by Thomas H. Lee Partners and Bain Capital.

The private-equity firms had filed a lawsuit against the banks earlier this year, and a court proceeding pending in Texas that was scheduled to get underway Monday was postponed until Tuesday.

"No settlement has been reached by the parties and there can be no assurance that any settlement will be reached," Clear Channel said in a brief statement. The company said it wouldn't comment on potential settlement terms or the likelihood that a deal will be reached.

Shares of Clear Channel were recently up $2.85 at $32.85.

Citigroup (C - Get Report), Morgan Stanley (MS - Get Report), Wachovia (WB - Get Report), Credit Suisse (CS - Get Report), Deutsche Bank (DB - Get Report), and the Royal Bank of Scotland (RBS - Get Report) are in the group.

Meanwhile, The Wall Street Journal, citing people who had knowledge of the situation, reported that the banks would agree to fund the takeover at $36 a share, down from the earlier price of $39.20, making the purchase worth about $18 billion.
This article was written by a staff member of TheStreet.com.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
SYM TRADE IT LAST %CHG
C $44.66 0.00%
CCU $21.92 0.00%
DB $17.20 0.00%
CS $14.28 0.00%
MS $26.28 0.00%

Markets

Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs