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  • valubyer valubyer Apr 27, 2010 9:53 AM Flag

    One of the conditions of the purchase

    "(v) the Emmis board of directors waiving certain provisions of the Indiana Business Corporations Law and agreeing to submit any required merger directly to the Emmis stockholders for approval without the Board's recommendation of the merger."

    So if the buyer owns the majority of the stock, how can the board be asked to agree to vacate its fiduciary responsibility to all of the shareholders?

    Pretty amazing.

    VB

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