Sillerman may bid for 'American Idol' owner

Former CEO's offer would value CKX at up to $535 million

NEW YORK -- CKX Inc.'s founder and former CEO Robert "FX" Sillerman plans to bid for the company, which owns the "American Idol" franchise, in a deal that would value it at around $512 million-$535 million.

In a regulatory filing Tuesday, he said he is planning to offer $5.50-$5.75 per share in cash in a tender offer. CKX shares had closed Monday at $5.50. According to Bloomberg, CKX has slightly more than 93 million shares outstanding.

Previous reports have said that JP Morgan's private equity arm had made a $6 per share, or around $560 million, offer. Plus, CKX also received an offer in May from a group led by "Idol" creator Simon Fuller that was supposed to be valued at around $600 million, but it isn't clear whether that offer is still on the table after a report that Fuller has bowed out of the bid.

Sillerman, who owns a 21% stake in the company, left the CEO post in spring to mull a bid. CKX had previously said Sillerman was in talks with another party about a joint bid. In Tuesday's SEC filing, Sillerman said he was still in discussions with possible financing partners.