Lewis Dickey-led investor group attempts acquisition of Cumulus Media
Client(s) Dickey, Lewis W., Jr.
Jones Day represented Lewis W. Dickey, Jr., the President and CEO of Cumulus Media Inc., in the $1.3 billion acquisition of Cumulus by an investor group led by Mr. Dickey and an affiliate of Merrill Lynch Global Private Equity. This transaction was signed but later terminated.
Under the terms of the agreement, Cumulus stockholders would have received $11.75 in cash for each share of Cumulus Common Stock, representing a premium of approximately 40.4% over the closing price per share of the Company's Class A Common Stock on July 20, 2007, the last trading day prior to the announcement of the transaction. Holders of the Company's Class A, Class B and Class C Common Stock would have each received the same price per share. Jones Day also advised on financing matters in connection with this transaction.