Saturday, Aug 11, 2007
I bet ClearChannel now wished they had taken the money
Bloomberg: Clear Channel May Get Buyout Offers of $18 Billion (Update5)
It may not be available now. Back in Nov 2006 - ah those were the times! One could turn up one's nose at a mere USD18.7billion as too low a price.
They may now become forced to take only a fraction of that.
Severance Packages
The executives have severance agreements that would pay them seven years of salary and bonus in case they leave after a takeover. They also each could receive options for 1 million shares at ``fair market value,'' full vested and exercisable for 10 years.
Clear Channel's third-quarter profit rose 8.2 percent on increasing advertising sales at its radio stations. Profit from continuing operations climbed to $185.9 million, or 38 cents a share, from $171.8 million, or 32 cents, a year earlier. Sales increased to $1.79 billion from $1.68 billion.
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