Clear Channel completes Heftel buy. (Clear Channel Communications Inc. acquisition of Heftel Broadcasting Corp.)(Brief Article)

Broadcasting & Cable, August, 1996 by Rathbun, Elizabeth

Clear Channel Communications Inc. last Monday completed its tender offer for Heftel Broadcasting Corp. and installed its own board of directors.

The tender offer was $23 per share, for a total of about $206 million. Heftel stock closed last Monday (Aug. 5) at 30 3/8, then rose to a 52-week high of 35 7/8 on Thursday. The offer had been extended at the same time that Clear Channel was negotiating a $1.3 billion line of credit for future radio and TV acquisitions.

In a suit filed in June in Delaware's Court of Chancery in an effort to stop the tender offer, a shareholder of Spanish radio broadcaster Heftel said the offer price was "substantially below the fair market value of the.. . stock." Clear Channel called the suit "groundless" in a filing with...

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