Endeavor Group Holdings, Inc. shares were gaining around 22 percent in pre-market activity on the NYSE after its major investor Silver Lake said it is considering taking the sports and entertainment company private.
Silver Lake, the owner of around 71 percent of the voting power of Endeavor, was responding to Endeavor's announcement that it has initited a formal review to evaluate strategic alternatives.
In a statement, Endeavor said it will not consider the sale or disposition of the company's interest in TKO Group Holdings, Inc., as part of the review of strategic alternatives.
The firm has not set a deadline or definitive timetable to complete the review process. There is also no assurance that this process will result in any particular outcome, it said.
Ariel Emanuel, CEO of Endeavor, said, "Given the continued dislocation between Endeavor's public market value and the intrinsic value of Endeavor's underlying assets, we believe an evaluation of strategic alternatives is a prudent approach to ensure we are maximizing value for our shareholders."
Meanwhile, Silver Lake, the technology investor, said it is currently working toward making a proposal to take Endeavor private.
Noting that it firmly believes in Endeavor's business, Silver Lake said it is not interested in selling its shares in the company to a third-party nor in entertaining bids for assets that are a part of Endeavor.
The company's Co-Chief Executive Officer, Egon Durban, and Managing Director, Stephen Evans, are members of Endeavor's Executive Committee of the Board of Directors.
On the NYSE, Endeavor closed Wednesday's regular trading at $17.72, down 2 percent. Following the news, the shares gained more than 20 percent in the after hours trading.
The shares are currently trading at $21.61 in pre market activity, up 21.95 percent.
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