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With Stock at Historic Low, Sillerman ‘Reaffirms’ Intention to Take SFX Private

The mogul hasn't given up on his hydra-headed dance company.

Last Friday, it seemed that SFX was headed to the wood chipper, with the company for the first time announcing its plans to consider bids for pieces of the much-beleaguered dance-music conglomerate, such as the digital song marketplace Beatport and its many festival properties. That educated guess was at least somewhat incorrect, it would appear.

In a statement today, Sillerman “reaffirmed his intention” to make a bid for any shares not under his or his affiliates’ control. The new bid would be more in line with the company’s much-diminished share price.

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Sillerman’s initial bid for the company, submitted in late May, was a 21.5-percent premium on the stock price at the time — $5.25. In the proceeding months, however, that price has dropped sharply to a historical low of $1.28 today.

The company’s 2015 timeline is that of dire straits and declining confidence — “It’s still early days for both electronic music in North America and for a verdict on whether SFX is a success,” writer and touring analyst Josh Baron told Billboard.

Time will tell if it can find solid footing away from the public eye.