Smulyan Extends Emmis Tender Offer Deadline
June 23, 2010 at 7:17 AM (PT)
JEFF SMULYAN's JS ACQUISITION has extended the tender offer to buy out all of EMMIS COMMUNICATIONS' outstanding Class A common stock until 5p (ET) JULY 30th. JS is offering $2.40 per share in cash for the shares; the extension is being made to coordinate the deadline with the deadline of the exchange offer by EMMIS of 12% PIK Senior Subordinated Notes due 2017 for its 6.25% Series A Cumulative Convertible Preferred Stock.
JS has also removed the condition to the tender offer that its parent first receives financing from an affiliate of ALDEN GLOBAL CAPITAL LTD. The tender offer will be conditioned on the ALDEN Purchase Agreement remaining in full force and effect and the conditions to the closing of the transactions under the ALDEN Purchase Agreement having been satisfied or waived.
As of 5p (ET) TUESDAY, about 193,943 shares of EMMIS Class A Common Stock have been tendered in and not withdrawn.