Emmis Privatization Vote Postponed Again
August 6, 2010 at 5:14 PM (PT)
EMMIS COMMUNICATIONS once again had to postpone a vote on taking the company private on FRIDAY afternoon. According to the INDIANA BUSINESS JOURNAL, while officials said they were encouraged by negotiations with several preferred shareholders, it apparently wasn't enough to convince EMMIS Chairman/CEO JEFF SMULYAN to attend TODAY's shareholer meeting and vote.
"We continue to engage in discussions with preferred shareholders,” EMMIS General Counsel SCOTT ENRIGHT said. "The tenor of those talks has been encouraging, but we can't make any assurances at this time."
The first vote, set for AUG. 3rd, was postponed so SMULYAN could continue to negotiate with preferred shareholders and study other ways to complete his purchase. After this latest postponement, the next chance to vote will be at the AUG. 13th board meeting.