Robert Sillerman's offer to take his EDM conglomerate SFX private has failed. Sillerman's offer of $5.25 per share for the company became increasingly untenable as the stock continued to decline to its current $1.55 per share -- a 20.1 percent decline from Thursday's closing price. SFX has released a statement on Friday saying it is exploring "strategic alternatives" for its future.
The company writes it will consider offers on the company and its many constituent parts through Oct. 2. The company also says that all no-shop restrictions have been removed in order to facilitate upcoming bids, "in light of the recent substantial decline in its share price."
A bid of $5.25 seemed increasingly unlikely as SFX's stock price fell this week. Shares fell nearly 23 percent to $2.36 on Monday ahead of the company's earnings release at the end of the day. After a small rebound Tuesday, SFX shares fell nearly 11 percent to $2.09 on Wednesday.