More Woes For Emmis Buyout Attempt As Alden Global Capital Balks At Revised Terms
August 30, 2010 at 1:04 PM (PT)
The difficult attempt by JEFF SMULYAN to buy out shareholders of EMMIS COMMUNICATIONS CORP. got more difficult with the disclosure TODAY by SMULYAN's JS ACQUISITION CORP. that his partner in the tender offer, ALDEN GLOBAL CAPITAL, "would no longer support the negotiated terms" previously agreed to by JS, ALDEN, and a group pf preferred stockholders.
The company has extended yet again the tender offer deadlines, this time until THURSDAY at 5p (ET), with the new shareholder vote date also on THURSDAY, and SMULYAN is attempting to resolve the disagreement with ALDEN over the revised terms. The original tender offer was set at $2.40/share for common stock, plus an offer to exchange convertible preferred stock for senior subordinated notes.