Leveraged buyout specialist
said it intends to purchase
for $26 a share and take the company private.
The transaction is valued at $2 billion and is financed by Forstmann itself and bank financing from
J.P. Morgan Chase
Citadel is the nation's sixth-largest radio broadcasting company when ranked by revenue, according to the company's press release.
Citadel's shares closed at $17.50 Friday, but in preopen action the shares were up $6.50 to $24, a 37% rise.