Reports Fidelity to Oppose Clear Channel (CCU) Buyout

Is Fidelity going "active" on Clear Channel Communications (NYSE: CCU)? According to reports from Bloomberg, the mutual fund giant will oppose the acquisition of the company by private equity firms Thomas H. Lee Partners and Bain Capital Partners, calling the $37.60 per share offer too low. Fidelity owned a 10.83% stake in Clear Channel's for the quarter ended September 30, 2006, making them the largest shareholder. Link