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Bulletin: Cumulus Media Inc. Ratings Unaffected By Its Offer To Acquire Citadel Broadcasting Corp.
Standard & Poors, Dec 2010
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
CHICAGO (Standard & Poor's) Dec. 20, 2010--Standard & Poor's Ratings Services said today that Cumulus Media Inc.'s (B-/Stable/--) offer to acquire Citadel Broadcasting Corp. (BB-/Stable/--) does not currently affect our corporate credit rating on Cumulus. On Nov. 29, 2010, Cumulus made a proposal to the Board of Directors of Citadel to acquire all of the outstanding Citadel equity for $31 per share, valuing the company at $2.1 billion. Cumulus' initial offer was rejected and on Dec. 16, 2010, Cumulus delivered a letter to Citadel's Board of Directors reiterating its offer and its desire to reach agreement on a transaction. The transaction would have required a complete recapitalization of both companies. Cumulus projected that the combined company would have pro forma...
Companies mentioned in this report are: Cumulus Media Inc.
Action: Bulletin
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