Filed under: Deals, Bain Capital, Thomas H. Lee Partners, Private equity industry, Public or private?
Clear Channel Communications Inc. (NYSE: CCU) looks like they are just going to have to stay public. Shares shut down over 5% to $32.56 on the day but shares are down over 15% to $27.40 in after-hours trading. The Wall Street Journal has reported that the $19 Billion club-deal with private equity firms Thomas H. Lee and Bain Capital Partners LLC and their bankers is all but dead.
This has been covered here with more than skepticism as the real chances of the merger closing, usually with plenty of email responses claiming all is well.
If this deal does end up getting closed, it may get to apply for the Guinness Book of World Records for the biggest and longest merger in history. This volatility behind this merger is starting to look like a soccer match played by kindergartners on a hockey rink.
Someone please just turn out the lights and call this game a loss or a draw.
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