A few months ago Robert F.X. Sillerman, SFX Entertainment’s Founder, CEO, and Executive Chairman of the Board, announced that he wanted to take the company private.
Sillerman offered to buy all the shares he didn’t own for $4.75 a share. He currently owns 37.4 percent of the company. Shareholders weren’t to happy about the offer. SFX shares were trading at $4.76 at the time.
Sillerman has since raised the price to $5.25 cash for each share. SFX’s board has unanimously approved the offer. As of 5/27/15 11:36 AM PST shares are trading for $4.95.
The proposal still has to be approved by the majority of “unaffiliated stockholders”. Shareholders will be able to keep their shares instead of cashing out if they wish, “subject to certain conditions and limitations”.