SFX Entertainment lengthens bid deadline
There has been a lot of problems for the events company in recent months
American events company SFX Entertainment has decided to extended the deadline for potential buyers to bid on it.
It hasn't been the best few months for Robert F.X Sillerman's company, from having to delay Beatport payments to the recent problems at TomorrowWorld, and this seems to have led to the extension decision, allowing investors to have more time.
Stock also dropped by 12.5 per cent this week, maybe another reason as to why to buy date has moved from today (October 2) to October 14.
As well as various assets being up for grabs, New York Times reports that Sillerman announced he would "vote all shares beneficially owned by him in favor of a transaction involving the sale of the company".
Sillerman has reportedly been the subject of legal action, too, with investors unhappy that he apparently mislead them that he could secure the finances to buy stock that wasn't already his. Since then, SFX has raised around $90 million in investment.