UPDATE: SFX Entertainment Press Release
SFX Entertainment, Inc. (Nasdaq: SFXE) ("SFX" or "the Company") today confirmed that it received a proposal from Robert F.X. Sillerman ("Sillerman"), the Company's Chairman and Chief Executive Officer, to negotiate with the Company a transaction whereby Sillerman would acquire all of the outstanding shares of SFX that he does not already own at a price of $4.75 per share in cash. According to Sillerman's proposal, current shareholders will be offered an opportunity to remain as investors in the Company following any such acquisition. Mr. Sillerman currently owns approximately 39.8% of the outstanding common stock of SFX Entertainment.
The Board of Directors has established a Special Committee of independent directors to review and negotiate the nonbinding offer. The Special Committee will consider and advise shareholders of its recommendations in accordance with applicable legal requirements. The Special Committee has retained independent legal counsel in connection with the negotiation of the proposed transaction.
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