Business News Live Business

SFX appoints committee to consider Robert FX Sillerman’s proposals over ownership

By | Published on Wednesday 11 March 2015

SFX

EDM peddler SFX yesterday announced details of the special committee that is being established to evaluate the previously reported proposal from the firm’s chief and founder Robert FX Sillerman that he take the company back into private ownership.

As previously reported, some key investors and analysts on Wall Street reacted negatively to Sillerman’s recent proposal that he buy back all the shares he doesn’t currently own in the EDM festival maker and Beatport owner, he having only floated SFX in 2013.

In a statement yesterday, SFX said that among the independent directors who will now consider the proposal are John Miller, Chief Investment Officer of WP Carey and Co; Michael Meyer, Partner and Head Of Sales And Trading at The Seaport Group; and D Geoffrey Armstrong, CEO of 310 Partners. Moelis & Company LLC will provide financial advice and Steptoe & Johnson legal counsel.

The statement confirmed that Sillerman is proposing to “acquire all of the outstanding shares of SFX that he does not already own, at a price of $4.75 per share in cash. Sillerman owns approximately 37.8% of the outstanding common stock of SFX Entertainment”.

It went on: “The special committee will also consider alternatives to the proposed transaction that enhance shareholder value, including any other offers to acquire the company. The committee is charged with, among other things, maximising shareholder value in any proposed transaction”.



READ MORE ABOUT: |