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"
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"
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