New York, NY (Top40 Charts) SFX Entertainment, Inc. (NASDAQ: SFXE) (the "
Company") announced that its special committee of independent directors, with the concurrence of Robert F.X. Sillerman ("Sillerman"), the Company's Chairman and Chief Executive Officer, has set an initial bid deadline of October 14, 2015 for third-parties to submit their proposals to acquire the entire Company or assets not central to the Company's core business. The committee's decision results in a two week extension to the initial target bid date of October 2, 2015 in an attempt to give all parties sufficient time to complete their due diligence review following events occurring in
September 2015, including the closing of the Company's financing transactions on
September 17, 2015 and the conclusion of the Fall festival season. The committee will finalize the bidding process as expediently as possible.
Pursuant to a voting agreement between Sillerman and his affiliates and the Company, Sillerman has agreed to vote all shares beneficially owned by him in favor of a transaction involving the sale of the Company that is recommended by the special committee. Such voting agreement terminates on December 31, 2015, provided that if the Company enters into a definitive agreement prior to such date, subject to terms and conditions as set forth in the voting agreement, Sillerman will vote in favor of the recommended transaction following the execution of such definitive agreement. A copy of the voting agreement and a summary thereof are provided in the Company's Current Report on Form 8-K filed with the SEC on
September 22, 2015.
About SFX Entertainment
SFX Entertainment, Inc. (NASDAQ: SFXE) is the largest global producer of live events and digital entertainment content focused exclusively on electronic music culture (EMC) and other world-class festivals. SFX's mission is to provide electronic music fans with the best possible live experiences, music discovery, media and digital connectivity. SFX was borne out of the technology revolution and produces and promotes a growing portfolio of live events that includes leading brands such as Tomorrowland, TomorrowWorld, Mysteryland, Sensation, Stereosonic, Electric Zoo,
Disco Donnie Presents, Life in Color, Rock in Rio, Nature One, Mayday, Decibel, Q-Dance, Awakenings, and React Presents, as well as the innovative ticketing services Flavorus and Paylogic.
SFX owns and operates Beatport, the trusted global home of electronic music where fans, DJs, and creators connect, discover, and participate in the evolution of dance music culture. Beatport offers a complete music experience for everyone, everywhere including streaming music, mobile apps and a host of ways for the EMC community to enjoy or download files, attend transformational festivals and events both in person and online, connect with like-minded fans and inspirational artists, and receive news, reviews, and unique insider access.
