Bob Sillerman Says SFX Will Bounce Back
Sillerman reaffirmed his plan to take the company private with a lower offer. Translation: "Eff da haters."
Robert Sillerman isn't giving up just yet. This morning, the head honcho of SFX Entertainment reaffirmed his commitment to taking the company private after plans to do so last week fell through, saying that he will provide a revised offer at a lower price.
SFX—an EDM conglomerate that owns properties like Beatport, and Made Event (Electric Zoo)—has been restructuring with the goal of going private. (One unintended casualty: music labels on Beatport not getting paid.) It became clear that Sillerman's initial offer of $5.25 per share in May was not going to happen as the company's stock price continued to tumble, reaching $1.55 per share as it passed its August 13 deadline. (It is currently trading at $1.32 per share.)
Sillerman indicated that he is optimistic that a revised going-private offer will ultimately be successful.
"As I have done from the beginning of this process, I will continue to work cooperatively with the special committee as it seeks to obtain the best possible price for the outstanding stock," Sillerman said in a statement. (Translation: "Eff da haters.")
The company also announced last week that it will extend the bidding period until October 2 to include peak festival season. As if you needed another reminder that yes, summer is almost over.
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