SFX Entertainment, Robert Sillerman Agree To Extend "Go Shop" Period

(RTTNews) - SFX Entertainment, Inc. (SFXE) said Friday that a special committee of the Board of Directors and Robert Sillerman, the company's Chairman and Chief Executive Officer, have amended their merger agreement to extend the "go shop" period during which SFX is permitted to solicit acquisition proposals from alternative purchasers other than Sillerman and his affiliates.

The "go shop" period was extended from Friday, July 10 to July 24 to permit interested bidders and financing sources additional time to evaluate their proposals.

In late May, SFX signed a definitive merger agreement whereby an affiliate of Sillerman would acquire all the outstanding common stock of SFX that he did not already own. SFX stockholders will receive $5.25 in cash for each share of SFX common stock they hold, in a deal valued at about $774 million.

Sillerman owns about 37.4% of the outstanding common stock of SFX Entertainment.