STX Entertainment, the studio built by Robert Simonds, has freed itself from an ill-starred merger with Mumbai-based Eros Intl. Entering a definite agreement to acquire STX for $173 million is Jahm Najafi’s Phoenix-based The Najafi’s Companies.
The takeover appears to be an interim step on the way to a subsequent, possibly bigger, transaction. A key element of the agreement is a “go-shop period,” a 45-day span during which the board of directors of ErosSTX, with the assistance of its financial advisor, Lazard, can solicit alternative proposals from third parties.
The acquisition price does not include counting customary adjustments for transaction expenses and debt, including repayment of STX Entertainment debt of about $148 million.
If ErosSTX terminates the Najafi purchase agreement because it accepts a better offer, it will pay a termination fee of $4.5 million (plus the return of $2 million that Najafi has funded as a deposit) to Najafi. Likewise, Najafi...
The takeover appears to be an interim step on the way to a subsequent, possibly bigger, transaction. A key element of the agreement is a “go-shop period,” a 45-day span during which the board of directors of ErosSTX, with the assistance of its financial advisor, Lazard, can solicit alternative proposals from third parties.
The acquisition price does not include counting customary adjustments for transaction expenses and debt, including repayment of STX Entertainment debt of about $148 million.
If ErosSTX terminates the Najafi purchase agreement because it accepts a better offer, it will pay a termination fee of $4.5 million (plus the return of $2 million that Najafi has funded as a deposit) to Najafi. Likewise, Najafi...
- 12/7/2021
- by Anthony D'Alessandro and Dade Hayes
- Deadline Film + TV
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