Emmis Buyout Vote Postponed Until Friday
September 2, 2010 at 7:02 PM (PT)
JEFF SMULYAN's attempt to get a vote by shareholders on his plan to buy out EMMIS COMMUNICATIONS has been postponed yet again, this time until FRIDAY at 8:30a INDIANA time, according to the INDIANAPOLIS BUSINESS JOURNAL.
SMULYAN's JS ACQUISITION CORP. disclosed MONDAY 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. SMULYAN is attempting to resolve the disagreement with ALDEN over the revised terms, but was unable to bring the deal to a vote as rescheduled TONIGHT. 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.