According to The Indy Star, Smulyan on Friday sent a letter to the special committee that is reviewing his offer, extending it to Sept. 30. The offer was set to expire this pastFriday.
"The special committee has requested a few more weeks to do their work," Smulyan said.
Emmis' board formed the special committee to consider Smulyan's offer. It consists of Susan Bayh, an Indianapolis business leader and wife of U.S. Senate candidate Evan Bayh, and Peter Lund, a former CEO of CBS Television. If the committee approves the offer, the deal would then be up to shareholders.
Smulyan on Aug. 18 offered $4.10 a share in a deal that would amount to about $46.5 million. This is Smulyan's third attempt to take his Indianapolis media company private.
Emmis investors have criticized the offer, arguing that Smulyan has undervalued the company. The $4.10-per-share offer was a 3.5 percent premium over the Aug. 17 closing price for Emmis' stock.
Several shareholders have told IndyStar they think the company is worth more, arguing that an up-and-coming product called NextRadio could be a huge winner for Emmis. NextRadio accesses chips in smartphones to let users listen to FM radio. The three-year-old app loses money, but shareholders say it's on the verge of dramatic growth in users and revenue.
Emmis shares closed at $4.03, down 7 cents, Friday.
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