Published
Thu, Nov 19, 2015, 12:09
- "At these low prices the time is not right to go forward on this path," says the dance music mogul.
Robert F. X. Sillerman has backed down from his goal to buy back all shares in SFX Entertainment.
Sillerman's plan to purchase the company, originally floated in 2013, has been dragging on for months. This latest attempt, at $3.25-a-share, was his third bid to go private in 2015. (The two previous bids were at $4.75 and $5.25.)
Now, an internal memo obtained by Wall Street Journal sees Sillerman saying: "At these low prices the time is not right to go forward on this path. We will instead focus all energy on righting the ship and reversing the disappointing results of this year," he wrote. "[We will] revisit things as they develop. For now we will rededicate ourselves to providing the best possible experiences for our fans."
SFX's assets include Beatport, React Presents, Made Event and i-Motion. The company posted a net loss of $54.5 million for the three months ending September 30th, 2015. The company's share price fell to $0.45 per share on September 10th, having peaked at US$11.59 in December of 2013.