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Act II for Livent?
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May 27, 1999: 12:22 p.m. ET
SFX Entertainment said to be making $100M pitch to buy B'way producer
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NEW YORK (CNNfn) - The curtain could go up on a new life for the troubled Livent Inc., producer of "Ragtime" and other Broadway shows, according to a published report.
New York-based SFX Entertainment Inc. (SFXE) is setting the stage for the deal by offering cash and equity worth $100 million to $110 million for most of the assets of the financially strapped Livent (LVNTF), the New York Times reported Thursday, citing a source close to the negotiations, .
Livent filed for bankruptcy in November after its new managers said they had found millions of dollars in fraud. Any deal to buy Livent must be approved by the federal Bankruptcy Court in Manhattan. Federal prosecutors filed criminal charges against the company's two founders in January.
The Toronto-based Livent had no comment on the newspaper report.
The Times said that under the deal, SFX would take most of Livent's assets, including the Ford Center for the Performing Arts at Times Square and theaters in Chicago and Toronto. SFX also would buy rights to Livent's productions and the rights to plans for new shows.
SFX was up 2-1/2 to 55-7/8 in midday trading on Thursday.
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