said a special panel of its board hired legal and financial advisers to consider CEO Jeff Smulyan's $15.25-a-share buyout bid.
In May, Smulyan offered to acquire the outstanding shares of Emmis. The Indianapolis-based company's special committee said it retained Davis Polk as its legal counsel, Barnes & Thornburg as its Indiana legal counsel and Morgan Stanley and Lazard Freres as financial advisers.
The company said no timetable has been set to respond to the buyout proposal.
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