Over the past few weeks, Robert Sillerman, CEO of SFX Entertainment, has been spear heading an effort to take his company private and off the public market. Met with mixed reactions, the effort comes after slow growth of the company’s stock and failure to meet projected dividends.
Many criticized the CEO for the move as it appeared to be an attempt to repurchase the remaining shares at a much lower price. Selling the shares for $13.00 in their IPO, Sillerman requested that he purchase the remaining shares for $4.75 per share, and a final offer of $5.25.
Currently trading at $1.38 per share (at time of publishing), SFX has released a statement today saying it is exploring “strategic alternatives” moving forward after Sillerman was denied the privatized buyout, reports Billboard.
In the statement, SFX writes that it is exploring offers for buyout made for the company, and the assets it controls. The company is now making moves to prepare for upcoming bids and offers “in light of the recent substantial decline in its share price.”
While the statement was short, you can expect a more detailed plan to be released in the coming weeks.