Company News »

SFX Entertainment Announces Update on Special Committee Formed to Evaluate Robert F.X. Sillerman’s Proposal to Acquire All Outstanding Shares

Business Wire
Share on StockTwits
Published on

SFX Entertainment, Inc. (Nasdaq:SFXE) today announced the members of a Special Committee of independent directors formed to evaluate a proposal from Robert F.X. Sillerman, the Company’s Chairman and Chief Executive Officer, 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. 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, maximizing shareholder value in any proposed transaction.

Those named to the Special Committee are all independent members of the SFX Board of Directors: John Miller, Chief Investment Officer of W.P. Carey and Co; Michael Meyer, Partner and Head of Sales and Trading at The Seaport Group; and D. Geoffrey Armstrong, Chief Executive Officer of 310 Partners. The Special Committee’s financial advisor is Moelis & Company LLC, and Steptoe & Johnson will provide legal counsel.

The Special Committee will consider and advise shareholders of its recommendations in accordance with applicable legal requirements. No assurance can be given that an agreement on terms satisfactory to the Special Committee will result from the proposal submitted by Sillerman or that any transaction will be completed.

About SFX Entertainment

SFX Entertainment, Inc. is the largest global producer of live events and digital entertainment content focused exclusively on electronic music culture (EMC) and other world-class festivals. SFX’s mission is to provide electronic music fans with the best possible live experiences, music discovery, media and digital connectivity. SFX was borne out of the technology revolution and produces and promotes a growing portfolio of live events that includes leading brands such as Tomorrowland, TomorrowWorld, Mysteryland, Sensation, Stereosonic, Electric Zoo, Disco Donnie Presents, Life in Color, Rock in Rio, Nature One, Mayday, Decibel, Q-Dance, Awakenings, and React Presents, as well as the innovative ticketing services Flavorus and Paylogic.

SFX operates Beatport, the principal online resource for EMC DJs and a trusted destination for the growing EMC community to discover and stream music, follow DJs and keep abreast of news, information and events, in addition to offering year-round entertainment to EMC fans around the globe through other digital assets.

Share on StockTwits