Cumulus Media Inc. to be bought out
Cumulus Media Inc. (Nasdaq: CMLS) continues to soar an hour into Monday morning trading on news that an investor group led by Lew Dickey and an affiliate of Merrill Lynch Global Private Equity will acquire the company.
Under the terms of the deal, Cumulus Media stockholders will receive $11.75 in cash for each share of Cumulus common stock, which represents a premium of approximately 40.4% over Friday’s closing price.
The deal is seen closing in early 2008.
Shares of Cumulus Media surged 33.57%, or $2.81, to $11.18 Monday morning.
Cumulus Media is the second-largest radio company in the U.S.
