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The following is an email from Mark P. Mays, Chief Executive Officer of Clear Channel Communications, Inc., sent to the employees of Clear Channel Communications, Inc. on April 18, 2007.
(NOTE FROM MARK)
(BLUE SHADING)
Good morning,
In our continuing commitment to keep you posted on developments related to our proposed merger, we want to let you know that today we announced that the private equity group has increased its offer to $39.00 in cash for each share of Clear Channel common stock owned, up from their previous offer of $37.60 in cash per share. The Board of Directors has unanimously approved this amended merger agreement. As a result, our special meeting of shareholders to vote on the merger agreement will be rescheduled to May 8, 2007. Please refer to this morning’s news release for details. We strongly urge you to vote FOR the amended merger agreement. If you are a shareholder and have already cast your vote for the merger, you do not need to vote again.
We have a great company, great assets, and most of all, great people, of which we are extremely proud. Thank you for your patience and support during this process. Like all of you, we look forward to a successful resolution.
With Regards,
Mark