Emmis (EMMS) Tenders 6.3% of 6.25% Cumulative Preferred in Recent Dutch Auction
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Emmis Communications Corporation (Nasdaq: EMMS) reports final results of its modified Dutch auction tender offer, which expired at 5:00 p.m., New York City time, on Friday, December 30, 2011.
In accordance with the terms and conditions of the tender offer, Emmis has accepted for purchase 164,400 shares of its 6.25% Series A Cumulative Convertible Preferred Stock, par value $0.01 per share (the "Preferred Shares"), at a price of $15.56 per share, for an aggregate cost of approximately $2.6 million, excluding fees and expenses relating to the tender offer. These shares represent approximately 6.3% of the Preferred Shares outstanding as of December 30, 2011.
Payment with respect to the Preferred Shares accepted for purchase will be made promptly by the depositary. As a result of the completion of the tender offer, immediately following payment for the tendered Preferred Shares, Emmis expects that approximately 2,448,020 Preferred Shares will be issued and outstanding.
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In accordance with the terms and conditions of the tender offer, Emmis has accepted for purchase 164,400 shares of its 6.25% Series A Cumulative Convertible Preferred Stock, par value $0.01 per share (the "Preferred Shares"), at a price of $15.56 per share, for an aggregate cost of approximately $2.6 million, excluding fees and expenses relating to the tender offer. These shares represent approximately 6.3% of the Preferred Shares outstanding as of December 30, 2011.
Payment with respect to the Preferred Shares accepted for purchase will be made promptly by the depositary. As a result of the completion of the tender offer, immediately following payment for the tendered Preferred Shares, Emmis expects that approximately 2,448,020 Preferred Shares will be issued and outstanding.
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