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Clear Channel Buyers Play Sweeter Tune

The private equity firms boost their buyout bid to $39 a share from a prior offer of $37.60.
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Facing unrest from shareholders at

Clear Channel Communications

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, private equity buyers have sweetened their bid for the broadcasting giant in hopes of gaining approval.

Bain Capital and Thomas H. Lee are now offering $39 a share for Clear Channel, the company announced midday Wednesday. That marks an increase from the previous bid of $37.60 a share, which gained initial approval from the company's board of directors but was likely to be rejected by shareholders.

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Several shareholders have pushed for a deal valued at $40 a share, so it's unclear whether the sweetened bid will be approved.

The new offer, which values Clear Channel at roughly $19.4 billion, requires approval from two-thirds of the company's shares outstanding in a vote that has been rescheduled for Tuesday, May 8.

The vote previously was scheduled for Thursday, but it was delayed in lieu of the higher bid. That marks the second time the company has postponed the vote in an effort to garner support.

Clear Channel, which owns a chain of 1,100 radio stations and a business selling ads on billboards, put itself on the auction block last fall amid frustration over its stagnant stock price.

Its shares were halted at $36.90, up 18 cents, or 0.5%.