Special Committee Of Emmis Board Gets Two More Weeks To Consider Jeff Smulyan's Buyout Offer
September 19, 2016 at 3:38 AM (PT)
CEO JEFF SMULYAN's plan to take EMMIS COMMUNICATIONS CORP. private has to go through a special committee of disinterested members of EMMIS' board first, and they'll get two more WEEKS from SMULYAN to mull it over, according to a form 8-K filed with the SEC last FRIDAY (9/16).
In the filing, the company said that SMULYAN delivered a letter to the committee extending the deadline until FRIDAY, SEPTEMBER 30th. SMULYAN's offer through his E ACQUISITION CO. is for a cash payment of $4.10 per share to merge with EMMIS and sell or spin off its print magazine division (except for INDIANAPOLIS MONTHLY), Gospel WLIB-A/NEW YORK, and the company's TERRE HAUTE radio cluster.