Why would Alden be upset about a board meeting meant to approve their offer? It would seem that it was a necessary part of the process. The details currently available do not make sense to me. Could someone please explain?
I totally agree. The details do not make sense. I presume Emmis feels, perhaps, that a sale of the Alden shares to Emmis would have made it that much harder for the remaining preferred holders to get a one third interest, to control any potential restructuring of the remaining preferred, and that the direct that separated from the board was consciously trying to sabotage Emmis's efforts to buy back the preferred stock, in the interest of helping the preferred holders he represented, instead of the entire shareholder base.
The intrigue grows. It's unfortunate to have a deal to buy 1 million preferred shares fall through. That would have been, and would still be, huge!
I would not be surprised if Alden got a better offer from another party who is willing to hold the preferred or re-negotiate for a higher price. There is certainly enough value for the preferred holder to get substantially more than what Emmis is offering.