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Merrill Lynch Global Private Equity to acquire Cumulus Media24/07/2007. Source: AltAssets. 
 An investor group led by Lewis W Dickey, Jr, chairman, president and CEO of Cumulus, and Merrill Lynch Global Private Equity has agreed to acquire US radio company Cumulus Media in a transaction valued at approximately $1.3bn.
Under the terms of the agreement, Cumulus stockholders will receive $11.75 per share, representing a premium of approximately 40.4 per cent over the closing price on 20 July 20 2007, the last trading day prior to announcement of the transaction, according to a statement.
The board of directors of Cumulus has approved the merger agreement and recommends that the company's stockholders approve the merger. Completion of the transaction is expected in early 2008.
The transaction will be financed through a combination of equity contributed by Lew Dickey, his brother John W Dickey, the company's executive vice president and co-COO, other members of their family and Merrill Lynch Global Private Equity, and debt financing.
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