SFX Sells $15M In Stock

Robert F.X. Sillerman’s efforts to take SFX Entertainment private continue under terms of its original definitive agreement, Sillerman said in an announcement on the heels of news the company agreed to sell $15 million in stock.

SFX sold approximately 3.3 million shares of common stock: roughly 1 million to Sillerman Investment Partners and 2.3 million to Wolverine Flagship Fund Trading Limited and Virtual Point Holdings.

The Sillerman-affiliated SIP bought its shares at about $4.82 per share, raising about $5 million; Wolverine and Virtual Point paid about $4.34 per share, for some $10 million. Sillerman entered an agreement with the latter two purchasers granting each a “put right” to sell him all or a portion of the shares at a put price of $5.25 in cash, the amount being offered to other shareholders in the “going private” action.

“The recent stock transactions demonstrate an increased commitment on my part to consummate this transaction,” Sillerman said. “My advisors and I are continuing to advance this going-private transaction under the same terms as those spelled out in a definitive agreement executed on May 26, 2015.”