Emmis Buyout So Far: 1.3 Million Shares Tendered
July 2, 2010 at 4:26 AM (PT)
EMMIS COMMUNICATIONS has filed a report with the SEC providing an update to the tender offer by JEFF SMULYAN's JS ACQUISITION, backed by ALDEN GLOBAL CAPITAL, for the purpose of determining the filing fee for the buyout, and as of WEDNESDAY (6/30), approximately 1,335,101 shares have been tendered in and not withdrawn.
The buyout contemplates a total buyout of approximately 30.5 million non-SMULYAN/non-insider shares and 2.8 million preferred shares.
The tender offer is open until JULY 30th. The company faces seven current shareholder suits over the proposed buyout.