Music festival producer and serial acquirer SFX Entertainment Inc. (Nasdaq: SFXE) has received a proposal from its founder, Robert Sillerman, to go private.

Sillerman is offering to buy the shares he doesn't already own at $4.75 per share in cash. He currently owns 39.8 percent of the business. SFX's board of directors established a special committee to consider and negotiate the offer. The day after the offer became public, SFX's shares opened at $4.76.

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