Apollo Global Management, with backing from Goldman Sachs, has completed its $509 million acquisition of CKX Inc., owner of “American Idol” and the rights associated with Elvis Presley and Muhammad Ali.
The extended offer to buy any and all shares for $5.50 each expired Monday, June 20th, with more than 54.7 million tendered by public stockholders. The merger into an Apollo subsidiary was completed on Tuesday, June 21 and any former shareholders of CKX who didn’t tender are now eligible for the $5.50 payment, but no longer hold any stake in the company.
CKX founder Bob Sillerman received the biggest payout for his stock, over $108 million. The Promenade Trust, represented by Priscilla Presley, converted its non-publicly traded Class C preferred shares of CKX to preferred shares of the new CKX Entertainment Inc., a private company.
The old CKX shares are no longer trading on Nasdaq.