Emmis stock hits static on Street
Stock closed at a 52-week low
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Stock closed Monday at $11.73, down 19.2%, a 52-week low.
Broadcasters, radio in particular, have been struggling in recent years with weak advertising, media fragmentation and a decided unpopularity on Wall Street. That's taken its toll on the stocks. It's why CEO Jeff Smulyan offered last May to buy in the Indianapolis-based company's outstanding shares for $15.25 each, or $567 million.
But a committee of independent directors who reviewed the proposal -- common procedure in such situations -- couldn't agree on the price.
Late Friday, Smulyan withdrew his offer.
Some Wall Streeters think Smulyan might have been willing to boost his offer to $17.50 a share, but that the committee was angling for at least $20.
