An investigation on behalf of investors of SFX Entertainment Inc (NASDAQ:SFXE) in connection with the proposed takeover was announced and NASDAQ:SFXE stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/03/2015 -- An investigation on behalf of investors, who currently hold shares of SFX Entertainment Inc (NASDAQ:SFXE), was announced concerning whether the takeover of SFX Entertainment Inc. at $4.75 per share is unfair to NASDAQ:SFXE stockholders.
Investors who purchased shares of SFX Entertainment Inc (NASDAQ:SFXE) and currently hold any of those NASDAQ:SFXE shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of SFX Entertainment Inc breached their fiduciary duties owed to NASDAQ:SFXE investors in connection with the proposed acquisition.
On February 25, 2015, SFX Entertainment Inc (NASDAQ:SFXE) onfirmed that it received a proposal from Robert F.X. Sillerman, the Company's Chairman and Chief Executive Officer, to negotiate with the Company a transaction whereby Robert F.X. Sillerman would acquire all of the outstanding shares of SFX Entertainment Inc (NASDAQ:SFXE) that he does not already own at a price of $4.75 per share in cash.
According to Robert F.X. Sillerman's proposal, current shareholders will be offered an opportunity to remain as investors in the Company following any such acquisition. Mr. Sillerman currently owns approximately 39.8% of the outstanding common stock of SFX Entertainment.
However, given hat at least one analyst has set the high target price for NASDAQ:SFXE shares at $12.00 per share and that NASDAQ:SFXE shares traded as recently as June 2014 as high as $8.35 per share, respectively $11.51 per share in December 2013, theinvestigation concerns whether the offer is unfair to NASDAQ:SFXE stockholders. More specifically, the investigation concerns whether the SFX Entertainment Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale. Shares of SFX Entertainment Inc (NASDAQ:SFXE) closed on February 26, 2015 as high as $5.25 per share.
Those who are current investors in SFX Entertainment Inc (NASDAQ:SFXE) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego