SAN ANTONIO --
Investors were offered $37.60 in cash per share, or $18.7 billion, and the assumption of $8 billion in debt by a private equity group in November. The buyout offer, led by Bain Capital Partners LLC and Thomas H. Lee Partners LP, is the fifth-largest in US history and a 10.2 percent premium over the closing stock price the day before the offer was announced.
But some shareholders of the nation's largest radio station operator are signaling it isn't enough, given the strong performance of its billboard and outdoor advertising segment. Clear Channel's largest shareholder indicated weeks ago it would vote against the deal.
Last week the board postponed the shareholder meeting, initially scheduled for Wednesday, until April 19.
"There's no doubt the delay in the vote stems from management's concern that they haven't gathered enough support to push through the deal," said Stanford Financial Group analyst Fred Moran.
To win approval, two-thirds of shareholders must support the deal. Shareholders who don't vote will be counted against the buyout.
Fidelity Management and Research, which has been selling shares but still owns nearly 10 percent of Clear Channel's outstanding stock, plans to vote against the offer, and others are likely to join Fidelity, analysts say.