Emmis Not Going Private

Emmis Communications founder and CEO Jeff Smulyan has called off his bid to take the company private.
He announced he withdrew his May 7 offer to buy shares of Emmis for $15.25 a share in a letter to the board Friday. His purchase company, called ECC Acquisition Inc., was unable to reach an agreement with the Emmis board to take to shareholders for a vote. Smulyan also stated that in the past three months, “there has been a significant decline in the broadcasting sector valuations and an increased competitive environment, as well as a downturn in the financing markets.”
Reuters reported at the time of his initial offer, Smulyan’s offer valued the company at $567 million.
Emmis stock dipped after the announcement, to close Friday at $14.52.