Shareholder Tells Regent It's Time To Sell
April 4, 2007 at 11:10 AM (PT)
REGENT COMMUNICATIONS should be sold to a larger operator, an institutional investor has suggested to the company's board and President BILL STAKELIN in a letter sent today (4/4).
RILEY INVESTMENT MANAGEMENT LLC Principal JOHN AHN cited the "negative outlook ascribed by public markets to the radio market in general," as well as the company's size, in suggesting that REGENT "will be hard pressed to yield better returns to shareholders in the foreseeable future while remaining an independent publicly traded company." AHN added that a sale might net $4.50 to $6 per share for investors.
RILEY owns about 6.5% of REGENT.