Suitors seeking to buy Clear Channel Communications, the leading US radio station firm, have raised their bid in an attempt to win over key investors.
Buyout firms Thomas H Lee Partners and Bain Capital have raised their initial $37.60-a-share bid to $39, valuing the firm at $19.5bn (£9.7bn).
Clear Channel, which is a major outdoor advertiser in the UK, has recommended that its shareholders accept the bid.
However, it is still not clear whether the latest offer will be supported.
The Reuters news agency cited unnamed sources as saying that Fidelity Management & Research, which owns about 9% of Clear Channel's shares, and Highfields Capital Management, a 5% shareholder, would not be swayed by the higher offer.
'Best and final'
Analysts said investors could hold out for $40 a share, which some had been campaigning for in recent weeks.
But Thomas H Lee and Bain said the new offer was their "best and final".
"Both sides will continue to posture"
However, analysts expect more drama before the private equity buyers retreat.
"Both sides will continue to posture," said James Boyle, an analyst with CL King & Associates.
The shareholder vote scheduled for Thursday was delayed to 8 May to give investors a chance to consider the new bid. It is the second time the vote has been delayed.
Clear Channel owns Premier Radio Networks, which syndicates popular shows such as the Rush Limbaugh and Ryan Seacrest radio programmes across the US to more than 5,000 stations.
In just over 10 years it has been transformed from a small San-Antonio-based radio and television chain to an entertainment powerhouse with concert venues and a division to promote live music.
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