Class A common shares of Emmis Communications have been trading close to $2.00 today, Friday (8/13), indicating Wall Street skepticism that any closing of Jeff Smulyan’s $2.40 per share buyout will happen today. The twice-adjourned shareholders meeting is still scheduled for 6:30 pm ET.
Smulyan, the founder and CEO of Emmis, has been negotiating this week with the Preferred Shareholders Lock-Up Group, which holds over 38% of Emmis’ preferred shares and has blocked the required two-thirds vote of preferred holders on amendments to clear the way for taking Emmis private. Just what the group is holding out for has not been made public, but the company had called the tenor of the talks “encouraging.”
There’s been no SEC filing or public announcement since Monday (8/9), so the situation is pretty much as reported in the story that led Friday morning’s RBR-TVBR Epaper.