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Fuller pockets parent company CKX.
19 Entertainment launches takeover of parent company as founder Simon Fuller's stock rises
by Gordon Masson
19 Entertainment founder Simon Fuller is set to become one of the global entertainment business's leading moguls, after launching an audacious $1.3bn (#660m) takeover plan of 19's parent company CKX.
Music Week understands that Fuller and CKX chairman Robert Sillerman have been working on the bid for some time and the CKX board was due to meet today (Monday) to discuss the proposal. However, a leak to the Wall Street Journal late last week prompted an emergency board meeting on Friday when directors were hurriedly summoned to a 7am gathering at the company's New York headquarters.
At the end of that meeting, the board informed the US Securities and Exchange Commission that it had unanimously agreed to the proposal, put forward by 19X Inc., a new company owned by Fuller and Sillerman.
Under Nasdaq stock-market rules, there will now be a 45-day cooling-off period during which other potential bidders can communicate an interest, which would have to top Fuller's $13.75-per-share offer. If no other approach materialises, the takeover will be allowed to proceed and CKX will be removed from the stock market to become a private company.
Competition guidelines forbid any of the interested parties, including existing CKX directors, from commenting on the transaction, meaning that Fuller is gagged from divulging any of his plans for the business.
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