the Clear Channel deal just fell through. Reason? DB and Wachovia and others simply refused to fund it...just stated they didn't want to do it. The FIG/PENN deal is much smaller, but do you think the banks are going to go for it in this atmosphere? Funding was supposed to be lined up for CC as well, but look what happened.
I'm not feeling so easy about PENN as I was only one hour ago. The credit markets are not good...the banks continue to be reluctant to lend.
The Clear Channel deal is near collapse because the buyer could not agree with revised terms from the banks. We will probably be better off in the long run if the deal does not go through. I intend to hold and buy more if the stock falls further.