A baleful tune

Playing hard to get can pay off. But downright obstinacy can be plain foolish. In the battle for radio giant Clear Channel shareholders risk the latter by rejecting the sweetened $27bn offer from Bain Capital, Thomas H. Lee Partners, and the Mays family. The $39 a share offer, up from $37.60, isn’t a knockout. But it’s a safe bet. On valuation terms, it’s not hard to see why some Clear Channel shareholders, like Fidelity Investments and Highfields Capital, might still feel a little slighted. Af...