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CITADEL BROADCASTING Message Board

  • alcathegreat alcathegreat May 8, 2007 5:23 PM Flag

    Dividend

    It's been exactly 3 months since the ex date for their last dividend. I expected some declaration along with the earnings release today but didn't see anything. Has anyone heard or seen anything on this?

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    • Not bad, if all goes well!!!

    • The following is from a May 25th press release:

      Citadel declares special cash distribution of $2.46 per share, contingent on closing of the ABC Radio merger

      In a press release filed herewith as Exhibit 99.1, Citadel today announced that in preparation for the pending merger (the "Merger") of Alphabet Acquisition Corp. ("Merger Sub"), a wholly-owned subsidiary of Citadel, with ABC Radio Holdings, Inc. ("ABC Radio"), a wholly owned subsidiary of The Walt Disney Company ("TWDC"), which Merger is contemplated by the Agreement and Plan of Merger dated as of February 6, 2006, as amended, by and among Citadel, Merger Sub, TWDC and ABC Radio (the "Merger Agreement"), Citadel's Board of Directors has declared, subject to the consummation of the Merger, a special cash distribution of $2.46 per share. The special cash distribution will be payable to Citadel stockholders of record as of the record date. The record date for the special cash distribution shall be as of the second trading day prior to consummation of the Merger. Pursuant to the terms of the Merger Agreement, payment of the special cash distribution is conditioned on the completion of the Merger and will be made immediately prior to the effective time of the Merger. The parties currently expect the pending Merger to close on Tuesday, June 12, 2007. The closing remains subject to the satisfaction or waiver of conditions contained in the Merger Agreement. Citadel anticipates that the record date for its special cash distribution will be Friday, June 8, 2007.

    • They will soon be paying a one time dividend of around $2.50. Hope that helps as I have no information on the regular .18 quarterly dividend.