Emmis Communications announced the final results for its “Dutch auction” tender offer for shares of its 6.25% Series A Cumulative Convertible Preferred Stock. The final tally didn’t change the preliminary count, with only 164,400 shares tendered.
Emmis confirmed that has accepted for purchase those 164,400 shares at a price of $15.56 per share, for an aggregate cost of approximately $2.6 million, excluding fees and expenses relating to the tender offer. The shares bought back represent approximately 6.3% of the preferred shares outstanding as of December 30, 2011.
RBR-TVBR observation: The dissidents succeeded in their effort to severely limit participation in the tender. Since the tender closed the trading price of the preferred shares has gone up significantly. Another 4,900 shares were traded on Thursday (1/5), hitting a high of $18.53 and closing at $18.50.