Cox Enterprises, Inc. announced today that its wholly-owned subsidiary, Cox Media Group, Inc., has completed its acquisition of Cox Radio pursuant to a short-form merger in which Cox Radio became an indirect, wholly-owned subsidiary of Cox Enterprises following the successful completion of its tender offer, which expired on Tuesday, May 19, 2009.
As a result of the merger, any outstanding shares of Class A common stock not purchased in the tender offer, other than those as to which appraisal rights are perfected and shares owned by Cox Media Group or held by Cox Radio in treasury, were converted into the right to receive $4.80 per share in cash, without interest. American Stock Transfer & Trust Company, as exchange agent for the merger, will mail to non-tendering stockholders materials to advise them of their rights and facilitate receipt of payment for their Cox Radio shares. We have been advised that trading in Cox Radio shares on the New York Stock Exchange will be suspended prior to the market opening on Monday, June 1st.
About Cox Enterprises (www.coxenterprises.com)
Cox Enterprises, Inc. is a leading communications, media and automotive services company. With revenues exceeding $15 billion and more than 77,000 employees, the company's major operating subsidiaries include Cox Communications, Inc. (cable television distribution, telephone, high-speed Internet access, commercial telecommunications, advertising solutions and the Travel Channel); Manheim, Inc. (vehicle auctions, repair and certification services and web-based technology products); Cox Media Group, Inc. (television stations, digital media, newspapers, advertising sales rep firms and Cox Radio, Inc.); and AutoTrader.com (online automotive classifieds and related publications). Additionally, Cox's Internet operations include Kudzu.com and Adify Corporation, a unit of Cox TMI, Inc.