Emmis Communications Corp (NASDAQ:EMMS)
CAPS Rating:
A diversified media company with radio broadcasting, television broadcasting and magazine publishing operations.
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A diversified media company with radio broadcasting, television broadcasting and magazine publishing operations.
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Extra: Emmis Communications Corporation (NASDAQ: EMMS) is an asset play that was also brought to my attention by the investor who passed me TravelCenters of America. The CEO recently offered $2.40 to takeover the company. EMMS is now trading at $0.79. More recently, the company has succeeded in buying back preferred shares at $15.56. The deal has fallen apart in the past multiple times and people trying to arbitrage it have gotten burned. With a 52-week range topping at $1.34 and bottoming at $0.58, I'd say that at $0.79 there is serious upside to where the CEO tried to buy them out, over 200%. The risk here is low and the upside remains and the company has made progress escaping the death grip of the preferred shareholders. Target: $1.25-$1.75. Outperform.
http://beta.fool.com/bradford86/2012/02/08/whats-it-worth3/1805/