Sunday, 5 July 2015

SFX's Silelrman sued over share sale

SFX Entertainment founder and CEO Robert FX Sillerman is being sued by SFX shareholders over his bid to buy all remaining shares and take the company private. Sillerman has filed a proposal worth $774 million with the Securities and Exchange Commission (SEC), offering to buy shares through his affiliate business, Sillerman Investment Company (SIC), for $5.25 per share. Shareholders say the offer undervalues the company - its less than half the value the company floated for in 2013 ($13 a share). The Company said price negotiations were still 'tentative' and would not be closed until July 10th.  Eight other directors are named in the lawsuit: Mitch Slater (VP), Jospeh Rascoff, Geoff Armstrong, John Miller, Michael Meyer, Edward Simon, Pasquale Manocchia and Andrew Bazos. Audience Issue 185 June 2015.

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