Apollo Acquisition of 'American Idol' Owner CKx on Track
The $5.50 per-share deal is expected to close soon 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 soon.
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. Soon after, the deal is expected to be formally completed, CKx said.