Cox Radio Going Private

• March 23, 2009 [print-me target="div.post-title, div.post-meta, div.post-body" do_not_print=".twitterLink, .sharedaddy, .jp-relatedposts, .fb-comments-title, .fb-comments-text, .fb-comments, .post-comments" tag="span" class="print-me-container"]

Cox Enterprises Inc. announced today (3/23) that it is beginning a $3.80 per share cash tender offer for the remainder of Cox Radio Inc.’s publicly held shares, for a total payment of about $69.1 million. Cox Enterprises owns a roughly 78 percent equity stake in Cox Radio with a voting interest of about 97 percent. The tender offer expires on April 17, depending upon shareholders tendering their shares. If the transaction is completed, Cox Radio will become a subsidiary of Cox Enterprises, which is privately owned.