According to the letter of interest sent by the third-party suitor to CKx, it was indicated that the suitor was in on-going discussions with Sillerman.
CKx's board "determined that it would not be in the stockholders' best interests for the board to facilitate an offer ... for less than all of the share of the company ... [and] has adopted a Stockholder Rights Plan to protect stockholders' from potentially coercive takeover tactics."
Earlier this month, Simon Fuller and a group of investors made a bid proposal to acquire the company for a reported $600 million. CKx owns 19 Entertainment, which the company acquired from Fuller in 2005.
Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes, it’s completely free.