The board of directors for radio and billboard giant Clear Channel Communications unanimously approved a slightly sweetened $19.5 billion buyout offer from private equity groups whose prior attempts it recently rejected. Asked by some major shareholders to rethink that rejection, the board announced its approval of a second amendment to the offer by Thomas H. Lee Partners and Bain Capital Partners. Under the terms of the amended agreement, Clear Channel shareholders will receive $39.20 in cash for each share they own, 20 cents more than previously offered.
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Original post by Fred J. Aun and software by Elliott Back
