Founder and CEO wants to buy the outstanding shares of publicly-traded Emmis, and (says today’s TRI Newsletter from Radio-Info) the clock is ticking, but interest in the stock is tepid. Smulyan is offering $2.40 a share, and normally the market would either believe him, and bid the shares up very close to that, or push them higher, suspecting a sweeter offer. Instead, the stock price is just floating around $2.25 to $2.30. The current tender offer expires on Tuesday, June 29 and it wouldn’t be unusual to extend it. Yesterday “EMMS” traded at less than half its 90-day average volume, and closed at $2.29. Check the recent stock movement of Emmis here.