This builds on the previously-announced offer of $2.40 a share made by CEO Jeff Smulyan’s “JS Acquisition LLC.” Now Emmis announces that “the merger agreement, the tender offer, the exchange offer and the preferred stock amendments were unanimously approved today by the Board of Directors.” Emmis will tender for shares of its Class A stock trading as “EMMS” at the price of $2.40 per share. Any shares that aren’t offered will be bought out eventually, at that same price. The deal isn’t done yet: it’s still subject to various conditions, including the offer of a majority of the shares of Class A and Class B stock. Emmis closed at $2.14 today, down 2 cents. Emmis first announced its intention to go private and leave the Nasdaq exchange on Monday, April 26. Read the Emmis release about the definitive merger agreement here.