ATLANTA, April 29 /PRNewswire/ -- Cox Enterprises, Inc., through its Cox Media Group, Inc. subsidiary, announced today that it has agreed to increase the price of its offer to acquire all the outstanding shares of Class A common stock of Cox Radio, Inc. (NYSE: CXR) not otherwise owned by Cox Media Group to $4.80 per share. The price represents a 45.5% premium over the closing price on March 20 (the last trading day prior to the commencement of the tender offer) and a 26.3% premium over Cox Enterprises' original proposal of $3.80 per share. The expiration of the tender offer has been extended, and the tender offer will now expire at 12:00 midnight New York City time on Wednesday, May 13, 2009.
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The decision to increase the offer price follows discussions between Cox Enterprises and the special committee of independent members of the board of directors of Cox Radio appointed to review the tender offer. Based on those discussions, Cox Enterprises expects that the special committee will recommend that the stockholders of Cox Radio accept the tender offer and tender their shares pursuant to the tender offer.
The tender offer remains subject to the condition that a majority of the minority stockholders (those who are not executive officers, directors or affiliates of Cox Enterprises, Cox Media Group or Cox Radio other than directors of Cox Radio who constitute the special committee of independent directors formed to consider the tender offer) tender their shares. All other terms and conditions of the tender offer also remain unchanged. As of the close of business on April 28, 2009, approximately 417,300 shares have been tendered pursuant to the offer. If the offer is completed, Cox Radio stockholders who have already tendered their shares will receive the increased offer price of $4.80 per share and need not take any additional action in order to receive such price.
Cox Enterprises and Cox Media Group expect to amend their tender offer statement and to disseminate an amended and restated offer to purchase to Cox Radio stockholders shortly, and further expect that the special committee of Cox Radio will promptly amend its Schedule 14D-9 to advise stockholders of the special committee's position with respect to the increased tender offer price of $4.80 per share.
