Emmis Postpones Shareholders Meeting for 4th Time

RADIO ONLINE | Monday, August 23, 2010 | 4:05am CT

Emmis has postponed yet another shareholders meeting as JS Acquisition continues to negotiate with a group of preferred stock shareholders that owns about 38.3% of the company. In a bid to take Emmis private, JS is further extending its offer to purchase all of Emmis' outstanding shares of class A share for $2.40 each until Friday, August 27.

Also, Emmis 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 principal amount of new notes for each $50.00 of liquidation preference of preferred stock until August 27.