Emmis Communications Corp.'s Chairman, CEO and controlling shareholder, Jeffrey Smulyan, extended the deadline for the company's board to respond to his nonbinding proposal to buy the outstanding publicly held shares of the company to Oct. 14.
Smulyan on Aug. 18 proposed to buy Emmis' shares for $4.10 per share in a cash deal. He extended the deadline for the board to respond twice: first to Sept. 30 and then to Oct. 7.
The company's board has formed a special committee of directors to consider the offer. The offer needs to be recommended by the committee and then approved by Emmis' board before it can be opened for a stockholder vote.