Emmis Communications has updated the proxy it filed with the SEC last week and has set the date as August 3rd for a special shareholders meeting. To coordinate the timing, the tender offer by CEO Jeff Smulyan to buy out other shareholders has also been extended to August 3rd.
Holders of the company’s common and preferred shares are being asked to approve amendments to the company’s articles of incorporation at the special meeting which would clear the way for CEO Jeff Smulyan to take Emmis private.
As previously noted, the vote is a lock as far as common shareholders are concerned, since Smulyan and his financial backer, Alden Global Capital hold nearly 62% of the votes. However, the company is pressing hard to round up votes from holders of the preferred stock, since two-thirds approval is required.
The final proxy materials are dated July 6th and should be mailed to shareholders on or about July 7th, according to the filing. Holders of record as of July 1st are eligible to vote.
Running separately are the tenders related to the buyout. Common shareholders are being asked to tender their shares for the offer of $2.40 in cash, with the closing date for the tender now extended to August 3rd. A separate offer proposes to exchange new 12% notes for existing preferred shares. That also expires on August 3rd.