Update: SFX Entertainment Continues Higher As CEO Wants Board OK For Going Private Bid

SFX Entertainment Inc's SFXE chief executive made a non-binding offer Wednesday to take the company private for $4.75 a share.

The New York-based music events producer waqs up 32 percent recently, changing hands at $4.90.

CEO Robert F.X. Stillman said he wouldn't proceed with the offer unless it is approved by the company's board. Further, the offer enables shareholders to retain their stock following the transaction if they prefer, Stillman said.

Stillman, who launched the company in 2012, held a 42 percent stake in SFX as of its 2014 proxy statement.

No other shareholder as of the June 21 statement held 5 percent or more of SFX shares.

The company, with a current market capitalization of about $362 million, held an initial public offering in 2013 and has missed expectations in each of the past four quarters.