SAN ANTONIO, Nov. 13 (UPI) -- Clear Channel Communications Inc., the biggest U.S. radio broadcaster, is expecting two takeover bids that value the company at nearly $18 billion.
One group is comprised of Providence Equity Partners, the Blackstone Group and Kohlberg Kravis Roberts & Company, and has been seen as the likely winner. However, another group, made up of Bain Capital, Thomas H. Lee Partners and the Texas Pacific Group, is expected to make a "competitive" bid, The New York Times said Monday.
Clear Channel's value has declined recently as radio listeners have migrated to iPods and subscriber-based satellite radio networks, among other alternatives. For that reason it is not clear that either bid will represent a premium to Clear Channel's recent share price, which has hovered in the 30s.
