- Why iHeart has gotten 2 takeover bids and apparently rejected both.
- The main reason Liberty pulled its $1.1 billion initial offer for 40% of iHeart.
- What is suspicious about Silver Lake’s recent and lesser bid.
It shouldn’t come as a surprise that the company that ran like a circus with CEO Bob Pittman selling snake oil should find itself in a circus-like bankruptcy.
A second company has come forward to bid on iHeart.
Private equity firm Silver Lake is offering $500 million to its largest creditor groups (Franklin Mutual Advisors and Pacific Investment Management) that could go toward making lenders who will be taking a haircut more whole.
But as with the previous Liberty Media takeover bid, iHeart is not acting.
Liberty has withdrawn its $1.1 billion offer for a 40% stake in the company for reasons that are both strategic and concerning.
Why so many bids and none of them being seriously considered?
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