0000950123-12-000041.txt : 20120103 0000950123-12-000041.hdr.sgml : 20120102 20120103144856 ACCESSION NUMBER: 0000950123-12-000041 CONFORMED SUBMISSION TYPE: SC TO-I/A PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 20120103 DATE AS OF CHANGE: 20120103 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: EMMIS COMMUNICATIONS CORP CENTRAL INDEX KEY: 0000783005 STANDARD INDUSTRIAL CLASSIFICATION: RADIO BROADCASTING STATIONS [4832] IRS NUMBER: 351542018 STATE OF INCORPORATION: IN FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: SC TO-I/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-43521 FILM NUMBER: 12501511 BUSINESS ADDRESS: STREET 1: ONE EMMIS PLAZA STREET 2: 40 MONUMENT CIRCLE SUITE 700 CITY: INDIANAPOLIS STATE: IN ZIP: 46204 BUSINESS PHONE: 3172660100 MAIL ADDRESS: STREET 1: ONE EMMIS PLAZA STREET 2: 40 MONUMENT CIRCLE #700 CITY: INDIANAPOLIS STATE: IN ZIP: 46204 FORMER COMPANY: FORMER CONFORMED NAME: EMMIS BROADCASTING CORPORATION DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: EMMIS COMMUNICATIONS CORP CENTRAL INDEX KEY: 0000783005 STANDARD INDUSTRIAL CLASSIFICATION: RADIO BROADCASTING STATIONS [4832] IRS NUMBER: 351542018 STATE OF INCORPORATION: IN FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: SC TO-I/A BUSINESS ADDRESS: STREET 1: ONE EMMIS PLAZA STREET 2: 40 MONUMENT CIRCLE SUITE 700 CITY: INDIANAPOLIS STATE: IN ZIP: 46204 BUSINESS PHONE: 3172660100 MAIL ADDRESS: STREET 1: ONE EMMIS PLAZA STREET 2: 40 MONUMENT CIRCLE #700 CITY: INDIANAPOLIS STATE: IN ZIP: 46204 FORMER COMPANY: FORMER CONFORMED NAME: EMMIS BROADCASTING CORPORATION DATE OF NAME CHANGE: 19920703 SC TO-I/A 1 y05335a4sctoviza.htm SC TO-I/A sctoviza
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE TO
TENDER OFFER STATEMENT UNDER SECTION 14(D)(1) OR 13(E)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 4)
EMMIS COMMUNICATIONS CORPORATION
(Name Of Subject Company (Issuer) And Filing Person (Offeror))
6.25% Series A Cumulative Convertible Preferred Stock, Par Value $0.01
(Title of Class of Securities)
291525202
(CUSIP Number of Class of Securities)
J. Scott Enright, Esq.
One Emmis Plaza
40 Monument Circle
Suite 700
Indianapolis, Indiana 46204
(317) 266-0100
(Name, address and telephone number of person authorized to receive notices and communications on behalf of filing persons)
With a copy to:
James M. Dubin, Esq.
Lawrence G. Wee, Esq.
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, New York 10019-6064
(212) 373-3000
CALCULATION OF FILING FEE
     
Transaction Valuation*   Amount Of Filing Fee**
     
$6,000,000   $687.60
 
*   The transaction value is estimated solely for purposes of calculating the filing fee. This amount is based on the offer to purchase for not more than $6,000,000 in the aggregate of up to 428,571 shares of 6.25% Series A Cumulative Convertible Preferred Stock of Emmis Communications Corporation, par value $0.01, at the minimum tender offer price of $14.00 per share.
 
**   The amount of the filing fee, calculated in accordance with Rule 0-11 under the Securities Exchange Act of 1934, as amended, as modified by Fee Rate Advisory No. 3 for fiscal year 2012, equals $114.60 per million dollars of the value of the transaction.
þ     Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
                         
 
   Amount Previously Paid:   $ 687.60         Filing Party:   Emmis Communications Corporation
 
                        
 
  Form or Registration No.:   Schedule TO-I       Date Filed:   December 1, 2011
o   Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.
Check the appropriate boxes below to designate any transactions to which the statement relates:
o   third-party tender offer subject to Rule 14d-1.
 
þ   issuer tender offer subject to Rule 13e-4.
 
o   going-private transaction subject to Rule 13e-3.
 
o   amendment to Schedule 13D under Rule 13d-2.
Check the following box if the filing is a final amendment reporting the results of the tender offer: ¨
If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:
o   Rule 13e-4(i) (Cross-Border Issuer Tender Offer)
 
o   Rule 14d-1(d) (Cross-Border Third Party Tender Offer)
 
 

 

TABLE OF CONTENTS

ITEMS 4 and 7.
ITEM 11. ADDITIONAL INFORMATION
ITEM 12. EXHIBITS
SIGNATURES
EXHIBIT INDEX
EX-99.A.5.III

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     This Amendment No. 4 (the “Amendment No. 4”) amends and supplements the Issuer Tender Offer Statement on Schedule TO originally filed on December 1, 2011, as amended and supplemented by Amendment No. 1 filed on December 2, 2011, Amendment No. 2 filed on December 12, 2011 and Amendment No. 3 filed on December 14, 2011 (as amended and supplemented, the “Schedule TO”) by Emmis Communications Corporation, an Indiana corporation (“Emmis” or the “Company”) with the Securities and Exchange Commission.
The Schedule TO relates to the offer (the “Offer”) by the Company to purchase, up to $6,000,000 in value of shares of its 6.25% Series A Cumulative Convertible Preferred Stock, $0.01 par value per share (the “Preferred Shares”), at a price not greater than $15.56 nor less than $14.00 per Preferred Share, to the seller in cash, less any applicable withholding taxes and without interest. The Company’s offer is being made upon the terms and subject to the conditions set forth in the Amended Offer to Purchase filed on December 12, 2011, as amended and supplemental by Amendment No. 3 filed on December 14, 2011 (as amended and supplemented, the “Offer to Purchase”), and in the related Letter of Transmittal filed on December 1, 2011, as amended and supplemented by Amendment No. 2 filed on December 12, 2011 (which, together with any amendments or supplements thereto, collectively constitute the “Offer”).
     All capitalized terms used in this Amendment No. 4 without definition have the meanings ascribed to them in the Schedule TO or the Offer to Purchase.
The items of the Schedule TO set forth below are hereby amended and supplemented as follows:
ITEMS 4 and 7.
Section 7 (“Conditions of the Offer”) of the Offer to Purchase is hereby amended and supplemented by adding the following paragraph:
“One of the conditions to the Offer is that we will not be required to complete the Offer if the closing sale price of the Preferred Shares on the Nasdaq-GS has exceeded $15.56 for any five or more trading days on or after November 30, 2011 and on or prior to the Expiration Date (the “Closing Price Condition”). The Closing Price Condition was triggered and we have waived the Closing Price Condition.”
ITEM 11. ADDITIONAL INFORMATION
“Item 11. Additional Information” to the Schedule TO is hereby amended and supplemented by adding the following information to the end thereof:
On January 3, 2012, Emmis issued a press release announcing the preliminary results of the Offer, which expired at 5:00 p.m., New York City Time, on Friday, December 30, 2011. A copy of such press release is filed as Exhibit (a)(5)(iii) to this Schedule TO and is incorporated herein by reference.
ITEM 12. EXHIBITS
     
(a)(1)(i)  
Amended Offer to Purchase, dated December 12, 2011.
   
 
(a)(1)(ii)  
Offer to Purchase, dated December 1, 2011.
   
 
(a)(1)(iii)  
Form of Letter of Transmittal (including IRS Form W-9 and Guidelines for Certification of Taxpayer Identification Number on IRS Form W-9).
   
 
(a)(1)(iv)  
Notice of Guaranteed Delivery.
   
 
(a)(1)(v)  
Letter to Brokers, Dealers, Banks, Trust Companies and Other Nominees.
   
 
(a)(1)(vi)  
Letter to Clients for Use by Brokers, Dealers, Banks, Trust Companies and Other Nominees.
   
 
(a)(2)  
Not applicable.
   
 
(a)(3)  
Not applicable.
   
 
(a)(4)  
Not applicable.
   
 
(a)(5)(i)  
Press Release, dated November 30, 2011, incorporated by reference to the Company’s Statement on Schedule TO-C, dated December 1, 2011.
   
 
(a)(5)(ii)  
Press Release, dated December 12, 2011.
   
 
*(a)(5)(iii)  
Press Release, dated January 3, 2012.
   
 
(b)  
Note Purchase Agreement, dated November 10, 2011, by and between Zell Credit Opportunities Master Fund, L.P. and Emmis Communications Corporation.

 

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(d)(1)  
Total Return Swap Confirmation, dated November 28, 2011, by and between Alden Global Distressed Opportunities Master Fund, L.P. and Emmis Communications Corporation.
   
 
(d)(2)  
Voting Agreement, dated November 28, 2011, by and among Alden Global Distressed Opportunities Master Fund, L.P., J. Scott Enright, and Emmis Communications Corporation.
   
 
(d)(3)  
Total Return Swap Confirmation, dated November 14, 2011, by and between Valinor Credit Partners Master Fund, L.P. and Emmis Communications Corporation.
   
 
(d)(4)  
Voting Agreement, dated November 14, 2011, by and among Valinor Credit Partners Master Fund, L.P., J. Scott Enright, and Emmis Communications Corporation.
   
 
(d)(5)  
Total Return Swap Confirmation, dated November 14, 2011, by and between Sugarloaf Rock Capital, LLC and Emmis Communications Corporation.
   
 
(d)(6)  
Voting Agreement, dated November 14, 2011, by and among Sugarloaf Rock Capital, LLC, J. Scott Enright, and Emmis Communications Corporation.
   
 
(d)(7)  
Total Return Swap Confirmation, dated November 14, 2011, by and between Third Point Partners Qualified L.P. and Emmis Communications Corporation.
   
 
(d)(8)  
Voting Agreement, dated November 14, 2011, by and among Third Point Partners Qualified L.P., J. Scott Enright, and Emmis Communications Corporation.
   
 
(d)(9)  
Total Return Swap Confirmation, dated November 14, 2011, by and between Third Point Partners L.P. and Emmis Communications Corporation.
   
 
(d)(10)  
Voting Agreement, dated November 14, 2011, by and among Third Point Partners L.P., J. Scott Enright, and Emmis Communications Corporation.
   
 
(d)(11)  
Total Return Swap Confirmation, dated November 14, 2011, by and between Third Point Offshore Master Fund L.P. and Emmis Communications Corporation.
   
 
(d)(12)  
Voting Agreement, dated November 14, 2011, by and among Third Point Offshore Master Fund L.P., J. Scott Enright, and Emmis Communications Corporation.
   
 
(d)(13)  
Total Return Swap Confirmation, dated November 14, 2011, by and between Third Point Ultra Master Fund L.P. and Emmis Communications Corporation.
   
 
(d)(14)  
Voting Agreement, dated November 14, 2011, by and among Third Point Ultra Master Fund L.P., J. Scott Enright, and Emmis Communications Corporation.
   
 
(d)(15)  
Emmis Communications Corporation 1999 Equity Incentive Plan, incorporated by reference from the Company’s proxy statement dated May 26, 1999.
   
 
(d)(16)  
Emmis Communications Corporation 2001 Equity Incentive Plan, incorporated by reference from the Company’s proxy statement dated May 25, 2001.
   
 
(d)(17)  
Emmis Communications Corporation 2002 Equity Compensation Plan, incorporated by reference from the Company’s proxy statement dated May 30, 2002.
   
 
(d)(18)  
Form of Stock Option Grant Agreement, incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed March 7, 2005.
   
 
(d)(19)  
Form of Restricted Stock Option Grant Agreement, incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed March 7, 2005.
   
 
(d)(20)  
Emmis Communications Corporation 2004 Equity Compensation Plan as Amended and Restated in 2008, incorporated by reference to Exhibit 10.14 to the Company’s Form 8-K filed January 7, 2009.
   
 
(d)(21)  
Emmis Communications Corporation 2010 Equity Compensation Plan, incorporated by reference to Exhibit A to the Company’s proxy statement filed on Form DEF 14A on November 10, 2010.

 

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(g)  
None.
   
 
(h)  
None.
 
*   Filed herewith.

 

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SIGNATURES
After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
             
    EMMIS COMMUNICATIONS CORPORATION
 
            
 
  By:   /s/ J. Scott Enright    
 
           
 
  Name:   J. Scott Enright    
 
  Title:   Executive Vice President, General Counsel and    
 
      Secretary    
Dated: January 3, 2012

 

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EXHIBIT INDEX
     
Exhibit   Description
**(a)(1)(i)  
Amended Offer to Purchase, dated December 12, 2011.
   
 
**(a)(1)(ii)  
Offer to Purchase, dated December 1, 2011.
   
 
**(a)(1)(iii)  
Form of Letter of Transmittal (including IRS Form W-9 and Guidelines for Certification of Taxpayer Identification Number on IRS Form W-9).
   
 
**(a)(1)(iv)  
Notice of Guaranteed Delivery.
   
 
**(a)(1)(v)  
Letter to Brokers, Dealers, Banks, Trust Companies and Other Nominees.
   
 
**(a)(1)(vi)  
Letter to Clients for Use by Brokers, Dealers, Banks, Trust Companies and Other Nominees.
   
 
(a)(5)(i)  
Press Release, dated November 30, 2011, incorporated by reference to the Company’s Statement on Schedule TO-C, dated December 1, 2011.
   
 
**(a)(5)(ii)  
Press Release, dated December 12, 2011.
   
 
*(a)(5)(iii)  
Press Release, dated January 3, 2012.
   
 
**(b)  
Note Purchase Agreement, dated November 10, 2011, by and between Zell Credit Opportunities Master Fund, L.P. and Emmis Communications Corporation.
   
 
**(d)(1)  
Total Return Swap Confirmation, dated November 28, 2011, by and between Alden Global Distressed Opportunities Master Fund, L.P. and Emmis Communications Corporation.
   
 
** (d)(2)  
Voting Agreement, dated November 28, 2011, by and among Alden Global Distressed Opportunities Master Fund, L.P., J. Scott Enright, and Emmis Communications Corporation.
   
 
** (d)(3)  
Total Return Swap Confirmation, dated November 14, 2011, by and between Valinor Credit Partners Master Fund, L.P. and Emmis Communications Corporation.
   
 
** (d)(4)  
Voting Agreement, dated November 14, 2011, by and among Valinor Credit Partners Master Fund, L.P., J. Scott Enright, and Emmis Communications Corporation.
   
 
** (d)(5)  
Total Return Swap Confirmation, dated November 14, 2011, by and between Sugarloaf Rock Capital, LLC and Emmis Communications Corporation.
   
 
** (d)(6)  
Voting Agreement, dated November 14, 2011, by and among Sugarloaf Rock Capital, LLC, J. Scott Enright, and Emmis Communications Corporation.
   
 
** (d)(7)  
Total Return Swap Confirmation, dated November 14, 2011, by and between Third Point Partners Qualified L.P. and Emmis Communications Corporation.
   
 
** (d)(8)  
Voting Agreement, dated November 14, 2011, by and among Third Point Partners Qualified L.P., J. Scott Enright, and Emmis Communications Corporation.
   
 
** (d)(9)  
Total Return Swap Confirmation, dated November 14, 2011, by and between Third Point Partners L.P. and Emmis Communications Corporation.
   
 
** (d)(10)  
Voting Agreement, dated November 14, 2011, by and among Third Point Partners L.P., J. Scott Enright, and Emmis Communications Corporation.
   
 
** (d)(11)  
Total Return Swap Confirmation, dated November 14, 2011, by and between Third Point Offshore Master Fund L.P. and Emmis Communications Corporation.
   
 
** (d)(12)  
Voting Agreement, dated November 14, 2011, by and among Third Point Offshore Master Fund L.P., J. Scott Enright, and Emmis Communications Corporation.
   
 
** (d)(13)  
Total Return Swap Confirmation, dated November 14, 2011, by and between Third Point Ultra Master Fund L.P. and Emmis Communications Corporation.

 

Table of Contents

     
Exhibit   Description
** (d)(14)  
Voting Agreement, dated November 14, 2011, by and among Third Point Ultra Master Fund L.P., J. Scott Enright, and Emmis Communications Corporation.
   
 
(d)(15)  
Emmis Communications Corporation 1999 Equity Incentive Plan, incorporated by reference from the Company’s proxy statement dated May 26, 1999.
   
 
(d)(16)  
Emmis Communications Corporation 2001 Equity Incentive Plan, incorporated by reference from the Company’s proxy statement dated May 25, 2001.
   
 
(d)(17)  
Emmis Communications Corporation 2002 Equity Compensation Plan, incorporated by reference from the Company’s proxy statement dated May 30, 2002.
   
 
(d)(18)  
Form of Stock Option Grant Agreement, incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed March 7, 2005.
   
 
(d)(19)  
Form of Restricted Stock Option Grant Agreement, incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed March 7, 2005.
   
 
(d)(20)  
Emmis Communications Corporation 2004 Equity Compensation Plan as Amended and Restated in 2008, incorporated by reference to Exhibit 10.14 to the Company’s Form 8-K filed January 7, 2009.
   
 
(d)(21)  
Emmis Communications Corporation 2010 Equity Compensation Plan, incorporated by reference to Exhibit A to the Company’s proxy statement filed on Form DEF 14A on November 10, 2010.
 
*   Filed herewith.
 
**   Previously filed.

 

EX-99.A.5.III 2 y05335a4exv99waw5wiii.htm EX-99.A.5.III exv99waw5wiii
Exhibit (a)(5)(iii)
For Immediate Release
January 3, 2012
Contact: Patrick M. Walsh
Ryan A. Hornaday
317.266.0100
EMMIS ANNOUNCES PRELIMINARY RESULTS OF ITS MODIFIED DUTCH AUCTION TENDER
OFFER
     Indianapolis, IN (NASDAQ: EMMS, EMMSP) — January 3, 2012 — Emmis Communications Corporation today announced the preliminary results of its modified Dutch auction tender offer, which expired at 5:00 p.m., New York City Time, on Friday, December 30, 2011.
     Based on the preliminary count by BNY Mellon Shareowner Services, the depositary of the tender offer, a total of 164,400 shares of Emmis’ 6.25% Series A Cumulative Convertible Preferred Stock, par value $0.01 per share (the “Preferred Shares”), were properly tendered and not properly withdrawn at or below the purchase price of $15.56 per share.
     In accordance with the terms and conditions of the tender offer, and based on the preliminary count by the depositary, Emmis expects to accept for purchase approximately 164,400 shares of its Preferred Shares at a price of $15.56 per share, for an aggregate cost of approximately $2.6 million, excluding fees and expenses relating to the tender offer. These shares represent approximately 6.3% of the Preferred Shares outstanding as of December 30, 2011.
     The number of shares to be purchased and the purchase price are preliminary and subject to change. The preliminary information contained in this press release is subject to confirmation by the depositary. The final number of shares to be purchased and the final purchase price will be announced following the completion by the depositary of the confirmation process. Payment for the shares accepted for purchases under the tender offer, and return of all other shares tendered and not purchased, will occur promptly thereafter.
     The information agent and depositary for the tender offer is BNY Mellon Shareowner Services. The solicitation agent for the tender offer is Georgeson Inc. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Taft Stettinius & Hollister LLP are acting as Emmis’ legal counsel in the tender offer. When the tender offer commenced, the offer to purchase and related documents were mailed to holders of record of Preferred Shares and also were made available for distribution to beneficial owners of Preferred Shares. For questions and information, please call the information agent toll free at (866) 301-0524 or the solicitation agent toll free at (800) 676-0281.
Tender Offer Statement
This press release is for informational purposes only and is neither an offer to buy nor the solicitation of an offer to sell any shares of Emmis 6.25% Series A Cumulative Convertible Preferred Stock.
Forward-Looking Statements
Certain statements included in this press release which are not statements of historical fact, including but not limited to those identified with words such as “anticipate,” “believe,” “could,” “continue,” “estimate,” “feel,” “forecast,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “seek,” “should,”, “would,” “expect,” “will,” “look” or similar expressions and various or negatives of such words are

 

 

intended to be and are “forward-looking statements,” as defined in the Securities and Exchange Act of 1934, as amended. Similarly, statements herein that describe Emmis’ business strategy, prospects, opportunities, outlooks, objectives, plans, intentions or goals are also forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Emmis to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements and Emmis cannot assure you that its expectations will be achieved or that any deviations will not be material.
Such factors include, among others:
•   general economic and business conditions;
 
•   fluctuations in the demand for advertising and demand for different types of advertising media;
 
•   our ability to service our outstanding debt;
 
•   increased competition in our markets and the broadcasting industry;
 
•   our ability to attract and secure programming, on-air talent, writers and photographers;
 
•   inability to obtain (or to obtain timely) necessary approvals for purchase or sale transactions or to complete the transactions for other reasons generally beyond our control;
 
•   increases in the costs of programming, including on-air talent;
 
•   inability to grow through suitable acquisitions;
 
•   changes in audience measurement systems;
 
•   new or changing regulations of the Federal Communications Commission or other governmental agencies;
 
•   competition from new or different technologies;
 
•   war, terrorist acts or political instability; and
 
•   other factors mentioned in documents filed by Emmis with the Securities and Exchange Commission.
All forward-looking statements are based on information available to Emmis on the date of this press release, and Emmis does not undertake, and specifically disclaims, any obligation or responsibility to update, amend or revise any forward-looking statements or information above except as otherwise required by law. More information about potential factors that could affect Emmis’ business and financial results is included in the offer to purchase and Emmis’ filings with the Securities and Exchange Commission, including, without limitation, Emmis’ Form 10-K for the fiscal year ended February 28, 2011 and subsequent periodic and current reports.
About Emmis Communications (NASDAQ: EMMS)
Emmis Communications Corporation is a diversified media company, principally focused on radio broadcasting. Emmis operates the 8th largest publicly traded radio portfolio in the United States based on total listeners. Emmis owns 18 FM and two AM radio stations in New York, Los Angeles, St. Louis, Austin (Emmis has a 50.1% controlling interest in Emmis’ radio stations located there), Indianapolis and Terre Haute, IN.
The Information Agent for the tender offer is:
(BNYMELLONLOGO)
480 Washington Boulevard, 27th Floor
Jersey City, NJ 07310
Call Toll Free: (866) 301-0524
Call Collect: (201) 680-6579

 

 

The Solicitation Agent for the tender offer is:
(GEORGESONLOGO)
199 Water Street, 26th Floor
New York, NY 10038-3560
Banks and Brokers Call (212) 440-9800
All Others Call Toll-Free (800) 676-0281
January 3, 2012

 

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