Emmis Ends Buyout Bid
The attempt by Emmis Communications CEO and founder Jeff Smulyan to take his company private is over.
The company issued a statement yesterday saying Indianapolis-based radio, TV and magazine publishing company will remain public.
The statement indicates that the deal fell through because of Smulyan’s partner Alden Global Capital, and legal action may be taken against Alden.
“Last month, Emmis Communications and Alden Global Capital agreed, subject to completion of definitive documentation, to terms that would allow a group of preferred shareholders that previously did not support the exchange offer and amendments to agree to support the transaction.
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