SFX Entertainment’s special committee of independent directors has delivered notice to CEO Robert F.X. Sillerman over his plans to take the company private again.
EDM tycoon Sillerman and his affiliates are required by 10am (EDT) on August 13 to deliver fully executed commitment letters describing the terms and conditions for the financing of 100% of the aggregate amount of the cash merger consideration to be paid to stockholders, upon completion of the deal.
The company and an affiliate of Sillerman signed a merger agreement on May 26 for stockholders to receive $5.25 in cash for each share of common stock held.
Unless an alternative transaction is proposed, reviewed and approved by the special committee, the merger is expected to close in Q4 2015. Its extended go-shop period expired earlier this week.
Sillerman previously took the firm public in 2013.
SFX Entertainment also announced that it will report its Q2 2015 financial results after the market closes on Monday, August 10.