Clear Channel Stock Soars on Friday After Rumor of Takeover by Mubadala Capital

We reported in September, that an activist investor, Anson Holdings, was pushing for a sale of Clear Channel.  Yesterday Clear Channel stock surged 32% before trading was halted due to a circuit breaker, following a Bloomberg report that Mubadala Capital is exploring an acquisition of the billboard operator. Trading did resume and the stock closed out the day up

We do not have much information on Mubadala Capital.  Their web site indicates they are a global alternative asset management platform out of the UAE that manages, advises and administers for clients and limited partners over $430 billion in assets through its asset managers and strategic partnerships.  Their North American portfolio includes companies such as Global Foundries, Black Rock and Nova Chemicals.

Here is a graph of CCO Friday stock movement. We should have more information early next week.

 

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