CKX Inc. (CKXE) continues to build upward momentum to intraday highs over $4.95, with today’s strength being attributed to a Bloomberg report that says billionaire Alec Gores has made an unsolicited offer to the New York-based company.
According to Bloomberg, the offer for “American Idol” owner CKX Inc. 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. No specific price was given.
The Gores bid comes five months after CKX, a co. focused in the commercial utilization of entertainment content worldwide, ended discussions to sell the company or a controlling stake. Gores Group raised $2 billion in February for acquisitions, including in the consumer sector. With his brother Tom, Gores made an unsuccessful bid for the Miramax film studio.
CKX rose 31 cents to $4.53 at 12:15 a.m. New York time in Nasdaq trading. Day’s range: $4.11 – $4.96. The shares have gained nearly 5% this year before today.