LOS ANGELES (Reuters) -- Some very public names may be going private. CKX Inc. Chairman and Chief Executive Robert Sillerman said Thursday he and other executives have made a $1.3 billion bid to privatize the company, which controls the names, images and likenesses of the late music and movie icon Elvis Presley and the living boxing legend Muhammad Ali.
The former radio and concert mogul is getting a hand in the effort from Simon Fuller, chief executive of CKX (Charts) subsidiary 19 Entertainment Limited Inc., the British-based firm behind the "Pop Idol" television talent show and its hit U.S. spinoff, "American Idol."
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Sillerman, the company's biggest shareholder, offered to enter into a complex series of transactions that would include a cash purchase of CKX's outstanding common stock at a price of $13.75 per share, which represents a 29 percent premium over the stock's closing price of $10.63.
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With 97.06 million shares outstanding, that would amount to about $1.33 billion. According to a statement, the company's directors have been actively considering the proposal and have scheduled a meeting for early Friday morning to consider the bid and hear the recommendation of a special committee of independent directors.
CKX -- which also operates Graceland, Presley's former home turned tourist attraction -- expects to make a "comprehensive announcement" following that meeting. Top of page
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