Jeffrey Smulyan, chairman, CEO and controlling shareholderof Emmis Communications Corp.,further extended the deadline for the company's board to respond to hisnonbinding proposal to buy the company's outstanding publicly held shares toOct. 7.
Smulyan on Aug. 18 first proposed to buy Emmis' shares for $4.10 per share in acash deal. He then extended the deadlinefor the board to respond to Sept. 30.
Emmis' board has formed a special committee of directors toconsider the offer. The offer can only be opened for a stockholder vote afterit is recommended by the committee and then approved by the company's board.