Tuesday, May 10, 2011

Hiccup in Citadel-Cumulus merger

I missed this story on Friday, but Radio-Online has it this morning. Some Citadel shareholders are suing to block the merger with Cumulus.

The shareholders are complaining because "the average offer price for broadcasters in the past five years has been 80% above its stock price," and this one apparently is not at that level.

I have two words for those stockholders: Shut up

80% above stock price? Are you kidding me? You're lucky you're getting anything at all. Your company was in bankruptcy less than a year ago. Shut up and take the money.

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