SFX prolongs bid deadline as Sillerman desperately searches for a buyer
Following a recent string of unfortunate events for SFX Entertainment, what with TomorrowWorld’s battle with mother nature, a lawsuit from Abbey Spanier, and a massive fall in share prices, the dance music conglomerate has opted to extend its bid deadline until October 14th. Initially due by tomorrow, SFX is giving potential buyers more time to weigh the pros and cons of purchasing the New York-based concert promoter.
Currently up for grabs is the company as a whole or its “non-core assets” – an enticing array of subsidiaries including Beatport, Totem OneLove Group, ID&T, Flavorus, and React Presents, to name a few. Robert Sillerman has agreed to “vote all shares beneficially owned by him in favor of a transaction involving the sale of the company,” an action lauded by former investor Steven Azarbad of Maglan Capital. It is predicted that Sillerman has spent over $1 billion on acquisitions since 2012.
“Thankfully we sold out of it a while ago,” Azarbad added. “It’s been a real mess of an investment. We sold out of it when it was five bucks a share. Now it’s 55 cents? That’s pretty gross.”