Cox Radio Now Private
By Julie Gidlow
Updated 19 Hour(s) 16 Minute(s) ago
Cox Enterprises announced late Tuesday (May 19) that its Cox Media Group subsidiary successfully completed its tender offer to acquire all of the outstanding shares of Cox Radio class A common stock it didn't already own. Shareholders who tendered their stock are receiving $4.80 per share.
Cox Enterprises will own approximately 72,652,000 shares, or 91.4%, of the 79,489,544 Cox Radio shares outstanding.
"We are pleased that Cox Radio shareholders supported this transaction and, in so doing, took advantage of an excellent opportunity to obtain liquidity at a 45% premium over the closing price the trading day prior to commencement of the offer," said Cox Enterprises president and CEO Jimmy Hayes. "We believe that private ownership offers advantages that will assist Cox Radio in attaining its business objectives and managing its capital structure as well as ensuring that Cox Radio maintains its best-in-class operations."
Cox Enterprises says it will soon implement a short-form merger under Delaware law in which Cox Radio will become a wholly owned subsidiary.
Cox Radio closed Tuesday at $4.79, down 4 cents.