One member of the lock-up group has been doing more than just refusing to tender their preferred shares under the current “Dutch auction” tender by Emmis Communications. Zazove Associates has been buying more of the shares, thus making the tender less likely to succeed.
According to its latest SEC filing, Zazove now owns 491,210, having bought 15,457 more since the lock-up group was announced. That further reduces the number of preferred even available under the Emmis tender.
Zazove’s purchases in the past 60 days have ranged in price from $15.01 to $15.61. The maximum that Emmis is offering in the tender is $15.56.