9th delay for Emmis shareholders meeting


The shareholders meeting that wouldn’t end is set to convene for the 10th time at 8:30 am ET Thursday (9/9) in Indianapolis. CEO Jeff Smulyan has still not struck a deal with the disparate parties to proceed with his proposed buyout of other Emmis Communications shareholders – but he hasn’t yet thrown in the towel.

There’s been no public indication of any change since Smulyan’s financial backer, Alden Global Capital, pulled out of the deal which Smulyan had struck with dissident preferred shareholders. The $670 million deal to take Emmis private has been in limbo since July when a group of preferred shareholders announced that they would block the transaction unless they got a better deal.

Tender offers related to the going private transaction were scheduled to expire at 5:00 pm ET on Wednesday. An announcement is expected Thursday morning on the status of the tenders, which can’t go to closing unless a deal is struck and shareholders approve the legal changes necessary for the company to go private.