Emmis founder and CEO Jeff Smulyan has been offering $2.40 a share to the owners of “EMMS” common stock, but the price has remained well below that, suggesting skepticism that he can complete the deal on his original terms. The postponement of two earlier special shareholder meetings was triggered by the holders of Emmis preferred stock. Smulyan is offering to exchange their stock for a new issue of debt, at the rate of 60 cents on the dollar. Smulyan and his backer Alden Global Capital have twice extended the offer to both common and preferred stockholders, as it negotiates with the latter. The common stock (“EMMS”) traded no higher than $2.05 a share, all morning. You can follow it here.