The third time was not a charm for Sillerman.
Robert F.X. Sillerman has withdrawn his latest offer to buy back the remaining pieces of his concert promotion company SFX Entertainment, according to a filing with the SEC. This most recent buyout bid, for $3.25 per share, was the Chairman and CEO’s third this year.
Silverman delivered his withdrawal letter to the company’s board of directors on Tuesday, Nov. 17. In a company memo acquired by The Wall Street Journal, he explained that with prices so low ($0.41/share as of Thursday morning), “the time is not right to go forward on this path.” He noted that he will “revisit things as they develop” and that “for now we will rededicate ourselves to providing the best possible experiences for our fans.”
Sillerman currently owns 40.3 percent of SFX stock, according to the SEC filing.