SAN ANTONIO - Clear Channel Communications Inc. agreed Wednesday to a private equity group’s $19.35 billion offer - an almost 4 percent increase from the group’s previous bid that had met with strong shareholder opposition.

The offer of $39 per share plus the assumption of $8 billion in debt raises the price for the billboard and radio company by about $690 million. It came the day before a scheduled vote on a lower offer that was facing strong resistance from several large shareholders.

The new offer now faces a shareholder vote on May 8.

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