The head of Emmis Communications has ended a bid to acquire the company and take it private in a deal valued at $567 million, reports
The New York Times. CEO Jeffrey H. Smulyan says he withdrew
the offer because the company he formed to do it--ECC--could not reach an agreement with a committee of independent directors who were considering the offer of $15.25 a share. The offer was made three
months ago, and was considered too low by many investors and analysts. "Despite good-faith negotiations over the past three months," Smulyan says, "the ECC will be unable to reach agreement with the
special committee as to terms of a proposal from ECC that they would recommend for submission to a shareholder vote."
Read the whole story at The New York Times »