The final results of a cash tender offer to purchase up to 1 million shares of its Class A common stock have been released by Emmis Corporation, the Indianapolis-based operation founded by Jeff Smulyan that is exiting radio station ownership to focus on other technology-driven endeavours.
The offer saw Emmis snag up to that level of shares of its own stock at prices no greater than $3.75 and no less than $2.75 per share.
Emmis’ share price was last reported August 9 to Yahoo! Finance at $3 per share.
This was after the expiration of the tender offer on Friday (8/5) at 5pm Eastern; news of the tender offer results did not emerge until today (8/11).
Based on the final count by Broadridge Inc., the depositary for the tender offer, a total of 163,621 shares of Emmis’ Class A common stock were properly tendered and not withdrawn.
There had been a condition that at least 250,000 shares be tendered; Emmis elected to waive this condition.
As such, in accordance with the terms and conditions of the tender offer, Emmis will purchase all of the shares tendered for an aggregate price of approximately $550,000, excluding fees and expenses relating to the tender offer.
The shares to be purchased represent approximately 1.8% of the issued and outstanding shares of Emmis’ Class A common stock and 1.5% of Emmis’ total issued and outstanding equity, which includes the issued and outstanding shares of Emmis’ Class B common stock.
The shares purchased in the tender offer will be canceled by Emmis.
After giving effect to the purchase and cancellation of the shares, Emmis will have 10,535,653 shares of common stock issued and outstanding consisting of 8,946,778 shares of its Class A common stock and 1,588,875 shares of its Class B common stock.
Subject to applicable law, Emmis reserves the right to purchase additional shares of its Class A common stock in open market or private purchases at prices at or above $3.75 share.
Shareholders who have questions or would like additional information about the tender offer may contact the Information Agent for the tender offer, Alliance Advisors LLC, toll-free at (855) 325-6673.
