ISS Changes Tune on Clear Channel

Institutional Shareholder Services is recommending that Clear Channel Communications (NYSE: CCU) stockholders approve a $39.20 per share buyout offer from Bain Capital and Thomas H. Lee Partners. This is a reversal for ISS, which previously had opposed the deal. In its explanation, ISS said: “The ongoing credit crunch has likely taken away the punch bowl from the jumbo LBO party at least for the medium term.”