-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, T3lb7x6FLzfTNPYkWsUDpU52KIoJ+ISW4TubwaPprZllozqvHVnaK+xW8o3ky27P 83+T5RvGX7cUjfwXu29dsw== 0000950148-96-001262.txt : 19960621 0000950148-96-001262.hdr.sgml : 19960621 ACCESSION NUMBER: 0000950148-96-001262 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960614 ITEM INFORMATION: Other events FILED AS OF DATE: 19960620 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: HEFTEL BROADCASTING CORP CENTRAL INDEX KEY: 0000922503 STANDARD INDUSTRIAL CLASSIFICATION: RADIO BROADCASTING STATIONS [4832] IRS NUMBER: 990113417 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24516 FILM NUMBER: 96583585 BUSINESS ADDRESS: STREET 1: 6767 WEST TROPICANA AVE CITY: LAS VEGAS STATE: NV ZIP: 89603 BUSINESS PHONE: 7023673322 8-K 1 CURRENT REPORT, 6/14/96 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------------- FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) June 14, 1996 HEFTEL BROADCASTING CORPORATION (Exact name of registrant as specified in its charter) Delaware 0-24516 99-0113417 - ------------------------------ --------------------------------- ------------------------------ (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.)
6767 West Tropicana Avenue, Suite 102 Las Vegas, Nevada 89103 (Address of principal executive offices, including zip code) Registrant's telephone number, including area code: (702) 367-3322 2 Item 5. Other Events On June 14, 1996, Levine v. Cecil Heftel, H. Carl Parmer, Madison Graves, Richard Heftel, John Mason, Heftel Broadcasting Corporation and Clear Channel Communications, Inc. (Case No. 15066) was filed in the Court of Chancery of the State of Delaware in the County of New Castle. This complaint is a purported class action complaint on behalf of Jeffrey Levine and all other stockholders of Registrant to enjoin the defendants from effectuating a $23.00 per share tender offer for their equity interests in Registrant by Clear Channel Radio, Inc., an indirect subsidiary of Clear Channel Communications, Inc. The plaintiff alleges, inter alia, that the tender offer is coercive to minority stockholders and manifestly unfair and that the offer price is substantially below the fair market value of the common stock of Registrant. The plaintiff also alleges that Cecil Heftel and Carl Parmer are breaching their fiduciary duties to the stockholders of Registrant by negotiating a settlement of amounts which would be owed to them under their employment agreements upon a termination thereof by Registrant at the closing of the tender offer and by agreeing to enter into agreements not to compete with Registrant for five years after the closing of the tender offer. The suit seeks to enjoin preliminarily and permanently the defendants from proceeding with or consummating the proposed transaction or in the event the tender offer is completed, the rescission thereof and/or the grant of rescissory damages. In addition, plaintiff seeks unspecified compensatory damages and an award of attorneys' fees and costs. Registrant believes this action is groundless and has no merit. Registrant intends to oppose this action vigorously. 2 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: June 19, 1996 HEFTEL BROADCASTING CORPORATION By: /s/ John T. Kendrick ------------------------- John T. Kendrick, Senior Vice President and Chief Financial Officer 3
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