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Smulyan Offers to Take Emmis Private - Radio World

Smulyan Offers to Take Emmis Private

Smulyan Offers to Take Emmis Private
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He didn't win in his effort to buy the Washington Nationals. Back in radio, meantime, the next business strategy for Jeff Smulyan is to take Emmis private.
Smulyan is the broadcast company's chairman and CEO. His ECC Acquisition has offered $15.25 per share in cash for outstanding publicly held shares of Emmis.
The proposal values Emmis' equity at approximately $567 million. The offer would be a 13.6% premium over the closing price of its Class A common stock last Friday.
The company's board has formed a committee of independent directors to consider the proposal; that group will pick financial and legal advisors. The company says Smulyan and other directors who are part of management will not participate in evaluation of the proposal, which requires the recommendation of the committee and approval of the company's board.

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