SFX Entertainment CEO Robert Sillerman has long held an ambition to buy the 60% of stock in the company that he doesn’t already own.
In his latest bid, his third in total, Sillerman attempted to snap up the equity for $3.25 per share.
This was a considerable drop on the $5.25-per-share bid made by Sillerman earlier this year, which died in August.
It was also significantly lower than Sillerman’s first bid for the company, which he launched in February, for $4.75 per share.
Today, the exec scrapped his latest attempt to buy out the company.
The problem: the value of SFX’s tumbling share price is dropping even faster than Sillerman’s bids.
“Mr Sillerman… [has] withdrawn his previously announced proposal to acquire the outstanding shares of common stock.”
Update: At close of trading on the NYSE today (November 19), the firm’s stock is worth $0.27 per share – having decreased by a frightening 40.86% in the wake of Sillerman’s latest cancellation.
The entire SFX company, still trading on the NYSE, is now worth just $26.7m.
That amounts to just 5.9% of the $450m recently paid by Pandora for fellow live music company Ticketfly.
SFX confirmed in an SEC filing this morning:
“On November 17, 2015, Mr. Sillerman delivered a letter to the Board of Directors of the Company withdrawing his previously announced proposal to acquire all of the outstanding shares of Common Stock not already beneficially owned by him.”
Alongside bulky live music brands such as Tomorrowland, one of the most prized assets within SFX’s control is digital music service Beatport.
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