Funds Say They'll Battle Smulyan Over Emmis Buyout Plan
May 15, 2006 at 5:44 AM (PT)
FARALLON CAPITAL MANAGEMENT sets up a battle with JEFF SMULYAN over his plans to buy EMMIS' outstanding shares after filing a 13D statement with the SEC last week disclosing that its NOONDAY ASSET MANAGEMENT, NOONDAY G.P. (U.S.) LLC, and NOONDAY CAPITAL, LLC have acquired an additional 1,464,500 shares of EMMIS stock, bringing the aggregate shares held by the companies to 9.9% of EMMIS as of APRIL 19.
The filing says that FARALLON "intend(s) to communicate with the Company's board of directors and/or management to state (its) belief that this purchase price is inadequate and to urge the board of directors not to accept this offer at this price and to consider all appropriate courses of action to maximize shareholder value.... (and) may not only advocate a higher price, but may advocate one or more alternative courses of action."