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Monday, May 18, 2009

Another extension of time for the Cox Radio buyout

Last Friday was the extended deadline for Cox Enterprises to buy all the shares at $4.80 a piece, but now there’s a second extension, and it’s until Tuesday, May at 5pm Eastern time. Cox Enterprises CFO John Dyer says another two million shares were offered late last week. But to take its subsidiary Cox Radio private, the parent needs “a majority of the minority”, and as of the weekend, it had only 97% of necessary shares. Cox Enterprises signals once again that it’s standing pat on the price of the offer – $4.80 a share, up from the original $3.80 a share. Follow the trading in “CXR” here.

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