Private equity Investors on Tuesday raised their bets that the $19.5bn leveraged buy-out of Clear Channel Communications will unravel, raising stakes for hedge funds trying to guess if the deal will close.
Shares of Clear Channel fell $2.25, or 7.2 per cent, to $29.17. Each tick down in the share price represented a message from investors that the company was not worth the $39.20 per share that Thomas H Lee and Bain Capital have offered for the radio broadcaster and outdoor advertising company.
