Billionaire Alec Gores made an unsolicited offer for “American Idol” owner CKX Inc., according to a person with knowledge of the bid.
The offer came in a March 23 letter from Los Angeles-based Gores Group and was at a premium to CKX’s trading price at the time, said the person, who asked not to be identified because the proposal isn’t public. The person declined to give a specific price. At yesterday’s closing price, CKX had a market value of about $392 million.
The Gores bid comes five months after CKX ended discussions to sell the company or a controlling stake. The company held talks last year with JPMorgan Chase & Co.’s One Equity Partners, a person close to the situation said at the time.
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