Emmis Buyout Vote Delayed Until Next Wednesday
September 3, 2010 at 7:03 AM (PT)
The EMMIS buyout vote has been delayed again, this time until WEDNESDAY (9/8). The vote had been postponed THURSDAY night until this morning, and has been delayed yet again. Chairman/CEO and Pres.JEFF SMULYAN's JS ACQUISITION, INC.'s tender offer has also been extended until WEDNESDAY; it was originally scheduled to expire YESTERDAY.
The company says that SMULYAN and EMMIS are continuing talks with ALDEN GLOBAL CAPITAL over the latter's walking away from financing the renegotiated tender offer, and with a group of holders of about 38.3% of the outstanding shares of Preferred Stock who have previously indicated that they would vote against the buyout. EMMIS, in a press release, said, "Although we believe that an agreement among the various parties remains unlikely, we believe the extension is warranted due to the continuing discussions."