Cox Enterprises' revised offer for Cox Radio extended to Friday

By Lisa Kerner

Charlotte, N.C., May 14 - Cox Enterprises, Inc. extended the tender offer by its Cox Media Group, Inc. for Cox Radio, Inc. to 5 p.m. ET on Friday from Wednesday.

Approximately 6,443,000 shares had been tendered in the offer, including approximately 365,000 shares subject to guaranteed deliveries, as of midnight ET on Wednesday, according to Cox Enterprises.

"Though we are extending the tender offer, Cox Enterprises has made it absolutely clear that its revised offer price of $4.80 per share is its best and final offer," Cox Enterprises president and chief executive officer Jimmy W. Hayes said in a company news release.

The per-share offer price had been raised to $4.80 from $3.80.

As previously reported, Cox Radio's special committee unanimously recommended that the company's shareholders tender their shares in the revised offer.

The tender offer remains conditioned upon a majority of the minority shareholders not affiliated with Cox Enterprises, Cox Media or Cox Radio tendering their shares.

Both Cox Radio, a radio broadcasting company, and Cox Enterprises, a communications, media and automotive services company, are based in Atlanta.

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