Cox Enterprises, Inc., said Tuesday that its wholly-owned subsidiary, Cox Media Group, Inc., has completed its tender offer to acquire all of the outstanding shares of Class A common stock of Cox Radio, Inc. (CXR) not otherwise owned by Cox Media Group.
The offer expired on Tuesday. A total of about 10,327,500 shares of Cox Radio Class A common stock were tendered, which amount includes about 917,500 shares subject to guaranteed deliveries and about 327,000 shares tendered by affiliates, representing 59.4% of Cox Radio's publicly held Class A shares.
Cox Media Group has accepted for payment all shares validly tendered pursuant to the tender offer.
Together with the about 78% of the equity interest already beneficially owned by Cox Enterprises, Cox Enterprises will own about 72,652,000 shares or 91.4% of the 79,489,544 Cox Radio shares outstanding.
Shareholders who have tendered their shares will receive $4.80 per share for their shares following the guaranteed delivery period.
Pursuant to the tender offer, as soon as practicable, Cox Enterprises will implement a short-form merger under Delaware law in which Cox Radio will become a wholly-owned subsidiary of Cox Enterprises. All remaining public shareholders, other than those as to which appraisal rights are perfected, will have the right to receive $4.80 per share for their shares.
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