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CTC Media expects cash-out merger to close before end of May

CTC MediaInc. now expects its cash-out merger to close before the end of May.

The company, which previously the merger to close by mid-May,said May 10 that it has updated the expected time of the deal closure, as it isstill waiting to receive a pending tax refund from the U.S. Internal RevenueService, which is to become part of the merger consideration. CTC Media willclose the merger as soon as possible after the refund is received. The companyexpects consideration of its merger to be $2.05 per share.