Clear Channel: 10% Shareholder Fidelity To Oppose Private Equity Buyout

Is Fidelity going "active" on Clear Channel Communications (CCU)? According to reports from Bloombergu, the mutual fund giant will oppose the acquisition of the company by private equity firms Thomas H. Lee Partners and Bain Capital Partners, calling the $37.60 per share offer too low. Fidelity owned a 10.83% stake in Clear Channel's for the quarter ended September 30, 2006, making them the largest shareholder.

CCU 1-yr chart