Clear Channel tries to dance around stockholders...

This was kind of an interesting situation, since it appears what is being done is an attempt to allow more stockholders to vote with the hope it would increase the chances of approval for Clear Channel. Some of the current stockholders have gone on record as not being happy with the proposed dollar amount of the buy out, as reported by AP News:

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 U.S. 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 and efforts to block it are gaining momentum.

The uncertain fate of the deal led the board last week to postpone its shareholder meeting, initially scheduled for Wednesday, until April 19. The change will make more recent shareholders eligible to vote, an apparent bid to increase the odds of approval.