Cox Media increases its per-share offer price for Cox Radio to $4.80

By Lisa Kerner

Charlotte, N.C., April 29 - Cox Enterprises, Inc., through its subsidiary Cox Media Group, Inc., said it agreed to increase its offer for all the outstanding shares of class A common stock of Cox Radio, Inc. not owned by Cox Media by 26.3%, to $4.80 per share from $3.80.

The special committee of Cox Radio, which had been neutral on the offer, is now expected to recommend that its shareholders accept the tender offer at the revised priced, according to Cox Enterprises.

As of the close of business on Tuesday, approximately 417,300 shares of Cox Radio had been tendered in Cox Media's offer. Stockholders who have already tendered their shares will receive the increased offer price of $4.80 per share if the offer is completed, Cox Enterprises said.

It was previously reported that Cox Media considered increasing the offer price to $4.20 per share from $3.80.

The tender offer was extended to midnight ET on May 1 from April 17.

Cox Radio is an Atlanta-based radio broadcasting company.

Cox Media is a subsidiary of communications, media and automotive services company Cox Enterprises, which is also based in Atlanta.

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