Clear Channel approves new $20B bid

NEW YORK (CNNMoney.com) -- Clear Channel has approved a revised merger bid of $20 billion from a private-equity group, the radio conglomerate said Friday.

The higher buyout proposal - which is equal to $39.20 a share - includes an option for current shareholders to own 30 percent of the company after the deal.

The private-equity group's previous offer to Clear Channel shareholders was $39 per share.

The Texas-based radio conglomerate also announced that it would cancel a scheduled May 22 vote on the deal, and would eventually announce a new date.

The private equity group is co-led by Bain Capital Partners and Thomas H. Lee Partners.

Shares of Clear Channel (up $0.26 to $38.05, Charts, Fortune 500) rose in early Friday trade.