Ademi LLP is investigating Clear Channel (NYSE: CCO) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Mubadala Capital and TWG Global.
In the transaction, Clear Channel stockholders will receive $2.43 per share. The all-cash transaction values Clear Channel at an enterprise value of $6.2 billion. Clear Channel insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Clear Channel by imposing a significant penalty if Clear Channel accepts a competing bid. We are investigating the conduct of the Clear Channel board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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