Interep Clarifies Stance On Oaktree Bid
Apr 26, 2006, 8:01 AM
Radio sales giant Interep issued a clarification of its position on an aborted takeover deal with Oaktree Capital Management, which recently withdrew its bid to buy Interep. "The company believes that Oaktree Capital Management's offer did not reflect the company's true value," according to the clarification. Interep also cited profits from recent sales of stakes in other businesses, which have improved its financial outlook. However, its management and directors "remain willing to explore all options--including a deal with Oaktree Capital Management or other prospective financial partners." Oaktree earlier accused Interep of negotiating in bad faith under the terms of a Letter of Intent--a claim that Interep denies.