The chief executive officer of Indianapolis-based Emmis Communications Corp. (Nasdaq: EMMS) has ended his effort to take the company private. In a letter Friday to the Emmis Board of Directors, Jeff Smulyan said he would let his offer to purchase the company’s outstanding, publicly-held shares expire.
Smulyan originally made the proposal on August 18 through his company, E Acquisition Corp., where he offered to acquire the stock at $4.10 per share. That offer had been extended numerous times before expiring Friday.
"I am sorry we could not reach an agreement on the valuation," Smulyan said. "I look forward to continuing to work with you as we move Emmis forward as a public company."
In the original offer, Smulyan said the company was also "exploring strategic alternatives" for its publishing division and Terre Haute radio stations. Earlier this week, Emmis announced it had sold the radio stations and its Texas Monthly magazine.