SAN ANTONIO, Texas (Dow Jones News) -- Clear Channel Communications Inc. said Friday it acquired a 50.5 percent stake in a French outdoor advertising company, Dauphin O.T.A SA, for about $250 million.
Clear Channel said the purchase price represents a 34 percent premium over Thursday's closing price for Dauphin, which had revenues last year of $267.8 million.
The company, based in San Antonio, Texas, plans to launch a tender offer for the remaining shares of Dauphin for 960 francs, or $153.37, a share.
Clear Channel, a radio and television station owner and outdoor advertising company, had 1998 revenues of $1.35 billion.
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