Emmis Communications Corporation (NDAQ:EMMS) shares moved up marginally after Martin Capital Management disclosed an 8.4% stake in the company and recommended that the company sell WQCD and possible KMVN, WKQX, and WLUP. CL King & Associates analyst James Boyle said that the station could be worth as much as $150 to $200 million. Moreover, the other stations listed by Martin Capital in Chicago and L.A. would also go for similarly high amounts. Combined, these transactions could help unlock significant value for shareholders.

According to Martin Capital, "the company would certainly have an opportunity to monetize valuable assets that are not contributing to cash flow in appropriate proportions to their private sale value". The hedge fund also speculated that these sales were the motive behind last years management buyout offer that was rejected by the board of directors as inadequate. While Emmis Communications refused to comment on any buyout rumors, this is definitely a stock to watch!

Related Companies
Viacom, Inc. (VIA)
News Corporation (NWS)
CBS Corporation (CBS)

Bausch & Lomb Inc. (NYSE:BOL) shares dropped $2.49, or 4.02%, to $59.44 retaining most of their gain from yesterday's speculation that the company could be a buyout target. The stock, options, and credit securities of the company continue to be very active today as investors continue to bet on the possibility of an LBO. But is there any merit to these rumors? Well, the company is down significantly from its 2006 highs around $80 per share after the company was forced to recall 1.5 million bottles of its ReNu MultiPlus contact lense solution and guided lower for the quarter. While the company continues to struggle with turning itself around after that setback, it has made the company's shares cheap given their market dominance and large portfolio. Perhaps this is why people are looking at the possibility of an LBO. Regardless, this is definitely a stock to keep an eye on!

Related Companies
Alcon, Inc. (ACL)
The Cooper Companies, Inc. (COO)
STAAR Surgical Company (STAA)

Genesco Inc. (NTSE:GCO) shares rose $0.88, or 1.76%, to $50.86 today after the company rejected Foot Locker's $1.2 billion - or $46 per share - offer for the company. We first noted the possibility of this bid back in March, when GCO shares were trading at $42 per share. Chairman and CEO Hal Pennington said, "Our board unanimously rejected the proposal and concluded that it did not reflect the long-term value of Genesco, including its strong market position and future growth prospects." Interestingly, the CEO also commented on Foot Locker CEO Matthew Serra's comments stating that his company would be willing to pay $48 to $50 per share and were willing to go higher. Finally, Jefferies & Co. confirmed in a note to clients that Foot Locker can be a higher price and still see benefits from the deal. After all, the purchase would lower the company's reliance on Nike Inc., which currently supplies half of the shoes it sells.

So, is a deal still on the table? Well, clearly there is interest by the purchasing party and Genesco at least took the time to officially review the bid before rejecting it. These actions suggest that Foot Locker may come out with a higher bid for the company, perhaps above $50 per share ceiling that was mentioned. Clearly this is what shareholders are banking on as the company's share price approaches $51 per share! Whether or not this goes through remains to be seen; however, GCO is definitely a stock to watch in the meantime.

Related Companies
Bakers Footwear Group, Inc. (BKRS)
Brown Shoe Company, Inc. (BWS)
Weyco Group, Inc. (WEYS)