ATLANTA (July 26, 2007) – Sutherland Asbill & Brennan LLP is advising the Special Committee of the Board of Directors of Cumulus Media Inc. (NASDAQ: CMLS) in connection with a $1.3 billion going private transaction in which Cumulus has agreed to be acquired by an investor group led by Cumulus' CEO and an affiliate of Merrill Lynch Global Private Equity.
Under the terms of the merger agreement signed on July 23, 2007, Cumulus stockholders will receive $11.75 in cash per share, which represents a premium of approximately 40 percent over the closing price on the last trading day prior to announcement of the transaction. The transaction is subject to stockholder approval and other conditions, and there is a 45-day "go shop" period allowing Cumulus to seek a higher bid.
Cumulus owns nearly 350 radio stations across the country, including the 99X and Q100 stations in Atlanta, making it the second-largest U.S. public radio company.
The Sutherland team was led by Partners Mark D. Kaufman and Edward W. Kallal Jr. and Associates Brian M. Murphy and Marc A. Rawls, all of the Corporate Practice Group. The cross-practice team also included Partners Steven B. Boehm (Financial Services), Reginald J. Clark (Tax), Eric R. Fenichel (Finance), Neil S. Lang (Litigation), Alice Murtos (Benefits) and Counsel Ian A. Herbert (Benefits).
Sutherland Asbill & Brennan LLP is an AmLaw 100 law firm known for solving challenging business problems and resolving unique legal issues for many of the nation's largest companies. Founded in 1924, the firm has grown to more than 450 lawyers with offices in Atlanta, Austin, Houston, New York, Tallahassee and Washington. For further information about the firm, please visit sutherland.com.