Cox Radio Going Private

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.