SFX CEO withdraws third bid to buy out the company

SFX Entertainment canvasA new chapter has unfolded in the saga of SFX Entertainment, its CEO, and a quest for ownership. Robert F.X. Sillerman recently made a third attempt to buy back the remaining shares of his company for $3.25 a share, but withdrew the offer earlier this week. His reason was that the company’s share prices were so low ($0.41 per share as of this morning) that it was the wrong time to pursue a purchase. Sillerman said he would “revisit things as they develop” and instead the company would “rededicate ourselves to providing the best possible experiences for our fans.”

Sillerman owns 40.3% of the entertainment company’s stock. He has made multiple efforts to regain total ownership of SFX, but has not been successful. His first offer was at a price of $4.75 per share. He later upped that price to $5.25 a share, but took back that offer as well due to declining stock prices. The company has also struggled financially over the course of this year. The most recent buyout attempt even got some legal scrutiny, with investors hiring a law firm to investigate allegations of fraud.

Anna Washenko