Robert FX Sillerman has submitted a new proposal to buy back all of the shares in the company he doesn't currently control and take the business back into private ownership. This is Sillerman's second attempt to achieve this goal - and at a substantial discount to his initial offer of $5.25 a share which failed when the SFX owner could not secure financial backing for his offer as SFX's share price slumped.
Sillerman's new proposal is to buy out all other shareholders at $3.25 a share, still a substantial premium on the current share price. Some shareholders will also be invited to roll over their current equity into the private company Sillerman hopes to create. The proposal is subject to the approval of SFX's special committee of independent directors, and key shareholders. In a letter filed with the US Securities And Exchange Commission, the SFX boss writes: "I am prepared to move expeditiously towards the negotiation and execution of definitive agreements for my proposed acquisition transaction. No further diligence review or analysis is required".