The current offer to buy back the Class A common shares expires at 5pm next Tuesday, June 29. Now Smulyan’s JS Acquisition Inc. gives shareholders of “EMMS” stock until Friday, July 30 to accept his tender offer of $2.40 a share. There’s a second offer for Emmis shares, and it’s for the current convertible preferred stock. Smulyan had expected to begin the exchange of that stock for a new series of 12% senior subordinated notes earlier in June, but that proposal is still waiting for review by the SEC. Emmis says that any preferred securities tendered after the June 2 announcement will be returned to the holder. The price of Emmis common stock (“EMMS”) has been trading below the $2.40 offering price. It closed at $2.25 Tuesday afternoon (June 22).