Thu, Aug. 18, 4:20 PM
- Lightly traded Emmis Communications (EMMS -0.8%) says it's gotten a go-private offer from a company owned by its chairman and CEO.
- Jeff Smulyan owns E Acquisition Corp., and is the controlling shareholder of Emmis.
- E Acquisition has made a nonbinding offer to acquire outstanding publicly held shares of Emmis for $4.10/share in cash, which is a 3% premium over yesterday's close and is 3.5% over today's closing price.
- The deal includes a committed acquisition facility from an affiliate of Falcon Investment Advisors, and would include selling off non-core assets, which likely include its publishing division, WLIB-AM in New York and the radio stations in Terre Haute, Ind.
Emmis Communications Corp. owns and operates radio and magazine entities in large and medium sized markets throughout the U.S. The company operates through the following business segments: Radio, Publishing, and Corporate and Emerging Tehnologies. It operates radio stations, television stations... More
Industry: Broadcasting - Radio
Country: United States