I show implied deal value around $158 plus value of Merlin equity.
I believe you took a stab at $250M back in Jan - market just didn't want to pay that.
That said - company should be valued by it's 3 remaining segments - US Radio - 8.5X Intl Radio - ? Publishing - ?
The next good move would be to sell the publishing division for a tidy sum. It generates minimal EBITDA on $66M in rev.
US radio should produce a low/mid $40's BCF. If one could get a 10X+ multiple in a cont'd liquidation that would be your home run.
The 8% interest rate on the preferred also helps to offset some of the interest burden.
Lastly - EMMS only owns 50.1% of the Austin stations despite consolidating 100% of the results. They show a minority interest, but one must calc an 'adjusted ebitda' to arrive at a more accurate valutation.
This deal appears to be a non-starter as far as the market is concerned. I was very distressed seeing the deal this morning after having gradually reduced my holdings from 200,000 shares to 30,000 shares. However, after seeing the market's reaction, it looks like this is nowhere near the panacea that we were hoping for last December.