Emmis Broadcasting ends attempt to go private

story by Inside Radio

Emmis Broadcasting has thrown in the towel on CEO Jeff Smulyan’s bid to take the company private. After postponing shareholders meetings nine times, the company today announced that its offer to purchase all of Emmis’ outstanding shares of Class A Common Stock for $2.40 per share in cash has terminated.

Emmis says that despite several weeks of continuing talks, financer Alden Global Capital refuses to honor a commitment that would allow a group of preferred shareholders that previously did not support the exchange offer and amendments to agree to support the transaction.