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Cumulus Media Inc. Commences Dutch Auction Tender Offer to Repurchase up to 11.5 Million Shares of its Class A Common Stock.

Publication: Business Wire
Publication Date: 17-MAY-06 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
ATLANTA -- Cumulus Will Additionally Repurchase up to 5.0 Million Shares of its Class B Common Stock from Affiliates of Bank of America Corporation at the Tender Offer Purchase Price

Cumulus Media Inc. (NASDAQ: CMLS) announced today that it has commenced its previously announced modified "Dutch auction" tender offer in which the Company will offer to purchase up to 11.5 million shares of its Class A Common Stock at a price not less than $11.00 nor greater than $12.50 per share. The high end of the Dutch auction price range represents approximately an 8.1% premium to the May 9, 2006 closing price for the Class A Common Stock of $11.56 per share, the last trading day prior to Cumulus' announcement of its intent to commence the tender offer.

The number of shares of Class A Common Stock proposed to be repurchased in the tender offer represents approximately 24.1% of the total number of shares of Class A Common Stock outstanding. The closing price per share of the Class A Common Stock on the NASDAQ National Market on May 16, 2006, the last trading day prior to Cumulus' announcement of the commencement of the tender offer, was...

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