Saturday, 28 February 2015
SFX to go back to private hands?
Entertainment industry veteran Robert FX Sillerman has revealed plans to take his latest venture SFX - the EDM-focused company with a core business in dance music festivals - back into private ownership, having only floated the firm in 2013. Sillerman has asked the SFX board to appoint a committee to consider his proposals, which would see the firm attempt to buy back as much of the company as possible at $4.75 a share, while offering those keen to retain equity in the business the option to do so as shareholders in a privately held concern. One investor told Forbes that Sillerman's offer was "a way low-ball bid", suggesting that it would expect an offer more than double the one currently on the table. Meanwhile an analyst called the proposal "an insult to investors"