Emmis Completes Dutch Auction Tender Offer
January 5, 2012 at 3:22 PM (PT)
As predicted in its preliminary results announcement two days earlier (NET NEWS 1/3), EMMIS COMMUNICATIONS CORP. announced the final results of its modified Dutch auction tender offer, which expired at 5p ET on FRIDAY, DECEMBER 30th, 2011. And the results were exactly the same:
EMMIS accepted for purchase 164,400 shares of its 6.25% Series A Cumulative Convertible Preferred Stock, par value $0.01 per share (the "Preferred Shares"), at a price of $15.56 per share, for an aggregate cost of approximately $2.6 million, excluding fees and expenses relating to the tender offer. These shares represent approximately 6.3% of the Preferred Shares outstanding as of DECEMBER 30th, 2011.
Payment for the Preferred Shares will be made promptly by the depositary. As a result of the completion of the tender offer, immediately following payment for the tendered Preferred Shares, EMMIS expects that approximately 2,448,020 Preferred Shares will be issued and outstanding.