SFX Taking Bids To Sell Company, Possibly In Pieces
The troubled EDM promoter has set an October 14 deadline for third-party bids.
SFX Entertainment announced Thursday that chairman and CEO Robert Sillerman has set a deadline of October 14 for initial third-party bids for either the entire company or parts of the company "not central to [its] core business."
That October 14 deadline is actually a two-week extension of the original bid date of Friday, October 2. The company says it wants to give bidders adequate time to conduct due diligence following events in September and the conclusion of the fall concert season. September was filled with SFX news items: the securing of $90 million in financing; the filing of class action lawsuits regarding Sillerman's failed take-private bid; and problems at last weekend's TomorrowWorld festival that will result in refunds to many patrons.
News that SFX was considering selling some assets first broke Tuesday. Thursday's announcement led investors to push up SFX's share price 8.5 percent in early trading.