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.
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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