CKX agrees to revised offer
Sept 29, 2007
CKX Inc. has agreed to a revised buyout offer from a group led by its chairman and CEO Robert F.X. Sillerman and "American Idol" creator Simon Fuller. CKX has the rights to the names and likeness of such pop culture icons as Elvis Presley and Muhammad Ali. It also has the rights to the "Idol" TV format. In June, CKX agreed to go private in a $13.75 per share cash deal. CKX also agreed to distribute half of its stake in a Las Vegas real estate firm. Under the revised agreement, CKX shareholders will receive all of the real estate firm, with the cash portion of the deal reduced by a percentage of the incremental increase in value now offered.
