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Business News Live Business
No more bidders come forward for SFX, allowing founder to proceed with buyback
By Chris Cooke | Published on Wednesday 29 July 2015
Robert Sillerman is ever closer to taking his EDM-lovin music business SFX back into private hands, after the firm confirmed on Monday that it hadn’t received any competing offers to acquire the company.
As previously reported, Sillerman announced earlier this year that he wanted to buy back his latest entertainment venture, which he previously floated in 2013, making an offer for the nearly 63% of the company he doesn’t currently control. Not all the firm’s investors were impressed with the deal (one went legal), but the company’s board backed the proposal after Sillerman increased his offer to other shareholders.
However, that backing was subject to a 45 day window in which a special committee appointed by the board would sound out other possible bidders for the company, who might want to compete with Sillerman to acquire the EDM event and festival promoter and Beatport operator. But no such second bidder came forward.
Though there was interest, it seems, in buying some of SFX’s assets – proposals the special committee is now reviewing – but it nevertheless seems likely that Sillerman will soon be able to start approaching individual shareholders in a bid to regain ownership of the entire company. Insiders say he hopes to have the business back in private ownership by the end of the year.
