Emmis Makes 'Dutch Auction' Tender Offer For Up To $6 Million Of Its Preferred Stock
November 30, 2011 at 6:15 AM (PT)
EMMIS COMMUNICATIONS has launched a modified "Dutch auction" tender offer to purchase up to $6,000,000 in value of shares of its 6.25% Series A Cumulative Convertible Preferred Stock, at a price per share not less than $12.50 and not greater than $15.56.
A modified "Dutch auction" tender offer allows shareholders to indicate how many shares and at what price(s) they wish to tender their shares within the specified share price range. Based on the number of Preferred Shares tendered and the prices specified by the tendering shareholders, EMMIS will determine the lowest price per share that will enable it to purchase up to $6,000,000 of Preferred Shares at such price, or a lower amount depending on the number of shares that are properly tendered and not properly withdrawn.