ISS Advises Against Revised Clear Channel Bid

Institutional Shareholder Services is advising Clear Channel shareholders to reject a $19.4 billion buyout offer from Bain Capital and Thomas H. Lee Partners. It called the offer “not compelling enough,” even though the private equity firms recently increased their offer from $37.60 per share to $39 per share. ISS is the second proxy firm this week to advise against the deal, following Egan-Jones Proxy Services.