Friday 8/20/10 has come and gone, and there is still no deal to take Emmis Communications private via the acquisition of all of its outstanding stock by Jeff Smulyan’s JS Acquisition. The offer has been extended for another week, to Friday 8/27/10.
In a statement, Emmis said, “Emmis has been informed that JS Acquisition, Inc., an Indiana corporation (“JS Acquisition”) whose equity securities are owned entirely by Mr. Jeffrey H. Smulyan, the Chairman, Chief Executive Officer and President of Emmis, and JS Acquisition, LLC, an Indiana limited liability company (“JS Parent”) that is wholly owned by Mr. Smulyan, is further extending its tender offer to purchase all of Emmis’ outstanding shares of Class A common stock for $2.40 per share in cash until 5:00 p.m., New York City time, on Friday, August 27, 2010. The tender offer, as previously extended, was originally scheduled to expire at 5:00 p.m., New York City time, on Friday, August 20, 2010.”
JS Acquisition added, “The offers are being further extended because Emmis, JS Parent, JS Acquisition, Mr. Smulyan and certain other interested parties are continuing to negotiate in an effort to reach an agreement with a group of holders of Preferred Stock that owns approximately 38.3% of the outstanding shares of Preferred Stock in the aggregate, and who have previously advised Emmis and Mr. Smulyan that they would vote against the amendments to the terms of the Preferred Stock to be voted on at the special meeting. There can be no assurance that an agreement will be reached with the group of holders of Preferred Stock, in which case alternative structures will be explored.”
The parties will meet again in Indianapolis at 6:30 PM local time 8/27/10.