Emmis Delays Vote To Go Private Yet Again
August 20, 2010 at 6:00 PM (PT)
EMMIS COMMUNICATIONS CORP. Chairman JEFF SMULYAN's latest bid to go private was put off yet again as a group of preferred shareholders refused to vote on the move. It was the fourth such setback for SMULYAN in three weeks.
Nevertheless, the INDIANAPOLIS BUSINESS JOURNAL reports that EMMIS officials are encouraged by ongoing discussions with the hold-out group of shareholders -- eight firms -- that collectively hold 38% of EMMIS preferred shares.
SMULYAN's next grab for the privatization gold will take place at EMMIS' shareholders meeting on AUG. 27th.