Cumulus Says Recent Indication of Interest Not in Best Interests of Shareholders

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By Michael Dabaie

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Cumulus Media Inc. said its board determined a recently received indication of interest in acquiring the company for $15.00 to $17.00 a share significantly undervalues ​​the company and isnt in the best interests of its shareholders.

Cumulus said its board is “open to all paths that continue to drive superior shareholder value. Our strong momentum across business lines, multiple digital revenue growth drivers, operational efficiency and superior cash flow provide the company with substantial untapped upside that it expects to continue to realize on behalf of its shareholders.”

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“Given these facts and circumstances, the board unanimously believes the execution of the company’s strategy will deliver significantly more value to shareholders than this indication of interest,” Cumulus said in its statement.

In mid-April, Reuters reported that a consortium led by US radio station industry veteran Jeff Warshaw offered to buy Cumulus for close to $1.2 billion, including debt.

Write to Michael Dabaie at michael.
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Credit: www.marketwatch.com /

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