Wednesday, concert promoter Live Nation, Inc. (LYV) said it intends to evaluate Liberty Media Corp.'s (LCAPA) partial tender offer to acquire up to 34.5 million of LYV shares at $12 per share in cash, and advised its stockholders to defer taking action on the offer until Live Nation completes the evaluation.
Live Nation's board of directors intends to evaluate Liberty Media's proposed offer in consultation with its financial and legal advisors, and the board will advise Live Nation's stockholders of its position regarding the offer, as well as its reasons for that position, after the proposed offer has been commenced. In the interim, Live Nation requests that its stockholders defer taking action with respect to Liberty Media's proposed offer until they have been advised of Live Nation's position with respect to the offer, Live Nation said in a statement.
Liberty Media, which currently owns about 14.6% of Live Nation's outstanding shares through its subsidiaries, revealed on Tuesday that it intends to buy an additional 34.5 million shares of Live Nation at $12 per share. Liberty Media announced its plan to buy additional shares immediately after the closure of Ticketmaster-Live Nation merger after regulatory approval.
The deal between Ticketmaster and Live Nation has been dragging along for more than a year due to concerns that a merger between the two companies would drive up concert ticket prices and prevent competition. The deal was approved by the Justice Department after the companies agreed to a condition, requiring Ticketmaster to divest one of its ticketing divisions and license its software to a competitor.
Liberty Media acquired Live Nation's shares in exchange for the shares its held in Ticketmaster Entertainment. If the tender offer announced on Tuesday is fully subscribed, Liberty Media would own around 35% of the outstanding shares of Live Nation.
LYV is losing $0.21 or 1.71%, and is trading at $12 on a volume of 1.49 million shares on the New York Stock Exchange.
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