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Friday, September 3, 2010

Emmis deal "unlikely", but would-be buyer Jeff Smulyan keeps process alive

Emmis

This morning’s 8:30am shareholder meeting – the seventh announced but not actually held – has been re-scheduled for next Wednesday evening. Emmis founder/CEO Jeff Smulyan wants still more time to persuade his own backer, Alden Global Capital, to improve the offer to a “lock-up block” and other holders of Emmis preferred stock. Smulyan had a deal with Alden, but then Alden stepped back. As it is, the original May 25 terms are still effective: $2.40 a share for Emmis common stock, and a debt-for-stock exchange with the preferred shareholders at the rate of 60 cents on the dollar.

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