: Endeavor’s stock surges 25% after Silver Lake announces plans to take entertainment company private

by | Oct 25, 2023 | Stock Market

Shares of Endeavor Group Holdings Inc. surged 25% in the extended session Wednesday after private-equity giant Silver Lake said it was looking to take the sports and entertainment company private. Silver Lake, which owns about 71% of Endeavor’s
voting stake, said in a statement that it “firmly believes in Endeavor’s business and is not interested in selling its shares in Endeavor to a third-party nor in entertaining bids for assets that are a part of Endeavor.”

The news came shortly after Endeavor said it was looking for a “strategic alternatives review” for itself as investors are not valuing it correctly. “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,” Chief Executive Ariel Emanuel said in a statement announcing the review. That review won’t include options for its publicly traded TKO Group Holdings Inc.
which Endeavor formed in April in a $21.4 billion merger that combined sports icons Ultimate Fighting Championship and World Wrestling Entertainment. There’s no “deadline or definitive timetable” for the completion of the review, Endeavor said. S …

Article Attribution | Read More at Article Source

Share This