Smulyan’s Emmis Go-Private Offer Expires.

Story by Inside Radio

After thrice extending the deadline for his offer to buy the company, Emmis CEO Jeff Smulyan has come up short on his go-private offer. Today’s deadline for the Emmis board to accept the $4.10-per share offer has expired and Smulyan says he won’t be extending the deadline again.

“This letter is to confirm that the Proposal expired today pursuant to its terms and has not been extended,” Smulyan said in a letter to the board on Friday. “I am sorry we could not reach an agreement on the valuation. I look forward to continuing to work with you as we move Emmis forward as a public company.”

However, Smulyan is keeping the door open to further discussion with the board, to make “a similar proposal on similar or different terms” to his Aug. 18 offer, according to a filing with the Securities & Exchange Commission. Smulyan may also increase his ownership of Emmis stock.