The original minimum offer was $12.50 per share, and on Monday, Emmis says it’s willing to start at $14. Any shares already tendered at less than $14 will get the new minimum price. In a Dutch auction, everybody who is willing to sell indicates how many shares they would sell and at what price. The company picks the pricing and number of shares, and everybody seller gets the same price. The upper limit of the Emmis offer remains the same, at $15.56. These are convertible preferred shares paying 6.25% interest, and Emmis is presumably using some of the new cash from a Sam Zell-related fund to acquire them. The Dutch auction tender offer of between $14 and $15.56 is effective through December 30, though it might be extended. As for Emmis’ publicly-traded common stock, shares in “EMMIS” finished down 4 cents yesterday at 81 cents.