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Emmis Communications (EMMS Quote) chief Jeff Smulyan offered to take the radio company private in a deal that values it at $567 million.
Smulyan offered $15.25 a share for the Indianapolis-based broadcaster, a 14% premium to Friday's closing price. The deal puts an enterprise value, reflecting debt and preferred stock in addition to equity, of $1.4 billion on Emmis. Smulyan owns 17% of Emmis but because of a provision in the company's charter concerning his supervoting stock, he will hold 67% voting power on any competing deal for Emmis.
Emmis' board named a special panel to consider the proposal. Smulyan is backed by Blackstone, Bank of America and Deutsche Bank. ...
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