Emmis Communications Extends Preferred Stock Exchange Offer; Adjourns Special Shareholder Meeting
Emmis Communications Corporation (Nasdaq: EMMS) today announced that it is further extending its offer to issue 12% PIK Senior Subordinated Notes due 2017 in exchange for Emmis' 6.25% Series A Cumulative Convertible Preferred Stock at a rate of $30.00 principal amount of New Notes for each $50.00 of liquidation preference of Preferred Stock until 5:00 p.m., New York City time, on Wednesday, September 8, 2010.
Emmis also announced that the special meeting of Emmis shareholders held at 6:30 p.m., local time, on Thursday, September 2, 2010, to vote on certain amendments to the terms of the Preferred Stock, was initially adjourned until 8:30 a.m., local time, on Friday, September 3, 2010, and subsequently adjourned until 6:30 p.m., local time, on Wednesday, September 8, 2010.
Emmis has been informed that JS Acquisition, Inc., an Indiana corporation is further extending its tender offer to purchase all of Emmis' outstanding shares of Class A common stock for $2.40 per share in cash. The tender offer, as previously extended, was originally scheduled to expire at 5:00 p.m., New York City time, on Thursday, September 2, 2010.
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