Jeff Warshaw and his purported yet unidentified consortium of lenders recently offered $15-17 a share to takeover Cumulus.
Mary Berner and the board rejected the offer and got away with it as no shareholders even challenged their refusal to be bought.
Since then, Cumulus stock dropped to $8 and had Warshaw’s group actually been able to finance a takeover between $15-17, Cumulus shareholders would have been the winner while Warshaw presumably would try to wiggle out of it Elon Musk style.
But it gets worse.
Not only did Cumulus shareholders get screwed out of what is likely to be their best and only offer to cash out, Mary Berner then made what is turning out to be a costly mistake that is likely to hurt Cumulus where it matters most – at the station level.
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