The $5.50 per-share deal is expected to close within weeks after the private equity firm received commitments from shareholders owning more than 75 percent of CKx.
NEW YORK - American Idol owner CKx Inc. said Thursday that private equity firm Apollo Global Management has successfully completed an initial tender offer for company shares for $5.50 per share in cash, leaving the acquisition on track to close within several weeks.
Apollo has received commitments to sell stock from shareholders representing a stake of about 75.5 percent in the company in its tender offer, including stakes that largest shareholder and former chairman Robert Sillerman and affiliates are expected to contribute, CKx said.
When the Sillerman stake and a stake held by Priscilla Presley are contributed, which is expected to happen later this month, the merger will be considered adopted.
The initial offering period for the acquisition of stock by Apollo expired Wednesday at midnight EST.
Now, Apollo is offering to acquire all remaining shares from stockholders who have not yet tendered their stock by late afternoon on June 20. Around a month later, the deal is expected to be formally completed, CKx said.
Friday, June 17, 2011
Viewers were in for a special treat during the finale of the music competition series "CMT’s Next Superstar." The final two contestants, Matt Mason and Steven Clawson, opened the show with a sing-off medley of songs by Johnny Cash and Elvis Presley! Hits covered by the singers included "Jailhouse Rock," "Trouble," "Walk The Line," "Ring Of Fire," and "Blue Suede Shoes." Watch their performances!
At the end of the show, it was announced that Matt Mason had received the most votes from fans and he was crowned "CMT’s Next Superstar."
In May, the final five contestants headed to Memphis for a special episode at Elvis Presley's Graceland! The contestants took part in a photo shoot on the mansion property. The images will be used as album covers for the singers' upcoming releases.