Robert Sillerman Proposes Taking SFX Private
February 25, 2015 at 6:25 AM (PT)
SFX ENTERTAINMENT CEO/Executive Chairman ROBERT F.X. SILLERMAN, "has proposed to the company’s Board of Directors a transaction through which Mr. SILLERMAN would acquire all of the outstanding shares of common stock of the company not already owned by him for $4.75 per share in cash. The proposed cash consideration represents an approximately 44% premium to the closing price of the Company’s common stock on FEBRUARY 23, 2015, the day before Mr. SILLERMAN submitted his proposal," reports STREETINSIDER.COM.
“I have put forward a proposal that offers substantial value and flexibility to all shareholders,” said SILLERMAN. “Given the inherent risks in our business, my offer guarantees a substantial premium to current price. Those shareholders who are interested in remaining as investors in the company alongside me will have the ability to elect to keep all or part of their shares.”