SFX reports no competing offers for upcoming sale

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  • The electronic music giant is now gearing up to sell to its chairman and CEO Robert Sillerman.
  • SFX reports no competing offers for upcoming sale image
  • SFX hasn't received any competing offers, taking the company's closer to its proposed sale to Robert Sillerman. The EDM promoter—which owns Beatport, among other entities—is in the process of a lengthy restructuring that includes its chairman and CEO Sillerman buying the company to take it private. It's a plan that was originally announced back in May, according to Billboard. SFX was given until July 24th to seek out competing offers, but now that the date has passed, the company has said it didn't receive any offers for a full purchase—only "several indications of interest in the potential scale of various parts of its business," which may or may not go forward. With no other deal, the sale of SFX is set to take place during 2015's fourth quarter, at which point SFX becomes privately held. In May, the deal was valued at $774 million.
RA