Emmis (EMMS) Tenders 164,000 in Recent Modified Dutch Auction
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Emmis Communications Corporation (Nasdaq: EMMS) has announced the preliminary results of its modified Dutch auction tender offer, which expired at 5:00 p.m., New York City Time, on Friday, December 30, 2011.
Based on the preliminary count by BNY Mellon Shareowner Services, the depositary of the tender offer, a total of 164,400 shares of Emmis' 6.25% Series A Cumulative Convertible Preferred Stock, par value $0.01 per share (the "Preferred Shares"), were properly tendered and not properly withdrawn at or below the purchase price of $15.56 per share.
In accordance with the terms and conditions of the tender offer, and based on the preliminary count by the depositary, Emmis expects to accept for purchase approximately 164,400 shares of its 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.
Based on the preliminary count by BNY Mellon Shareowner Services, the depositary of the tender offer, a total of 164,400 shares of Emmis' 6.25% Series A Cumulative Convertible Preferred Stock, par value $0.01 per share (the "Preferred Shares"), were properly tendered and not properly withdrawn at or below the purchase price of $15.56 per share.
In accordance with the terms and conditions of the tender offer, and based on the preliminary count by the depositary, Emmis expects to accept for purchase approximately 164,400 shares of its 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.
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