Robert FX Sillerman has withdrawn his latest offer to acquire all of the shares in SFX he doesn’t currently control, according to a filing made with the US Securities And Exchange Commission this week. His initial (and incresaed) offer of $5.25 a share was rejected, but after the EDM promoters share price dived, he returned with a new $3.25 per share offer. SFX’s share price hit an all-time low of 41 cents as news of Sillerman’s latest announcement started to circulate last night.
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The SFX share price has now crashed another 41% to 24 cents and Hypebot.com
reporteds"Several industry insiders familiar with the workings of SFX said that a bankruptcy filing was all but inevitable. The company's board had reported that they had had inquires to purchase portions of the EDM conglomerate, but now even those would likely have to happen at fire sale prices.