This marks the fifth time that the meeting with shareholders adjourned because they couldn’t reach a quorum.
Emmis CEO Jeff Smulyan wants to go private but a small number of preferred shareholders are blocking the private access road.
A new date for another try has not been set. Emmis closed today, Friday 8/27/10, at $2.02. The offer on the table is $2.40 per share.
For Friday stock closings: Broadcasters cash in as Fed’s Ben Bernanke floats all Wall Street boats – 08/27/10
RBR-TVBR observation: There is a very old saying in the deal world and it goes likes this, “Longer the fish sits on the table the more it begins to smell and goes bad.” You can pick your read and follow along: