Shareholder Calls For Emmis To Go Private
October 26, 2007 at 5:47 AM (PT)
Another major EMMIS shareholder is weighing in on the company's future, but this time it's in support of a buyout to take the company private.
ARNHOLD AND S. BLEICHROEDER ADVISERS LLC, owner of about 5.7% of EMMIS' Class A shares, said it "strongly support(s) the idea of a buyout, funded in part by assest sales, that delivers a substantial premium to the current trading price of approximately $5 per share." CEO JEFF SMULYAN proposed such a buyout last year, but subsequently withdrew the plan.
Another institutional shareholder, MARTIN CAPITAL MANAGEMENT, has previously called for the company to be sold by eliminating the special class of stock that vests voting control in SMULYAN.