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Fly News Breaks for August 18, 2015
SFXE
Aug 18, 2015 | 07:05 EDT
Stifel downgraded SFX Entertainment to Sell with a $1 price target following last night's disclosure it had terminated the merger agreement with CEO Robert Sillerman and requested a merger termination fee. The firm believes the merger termination fee indicates no new bid is likely and a dilutive equity offering is forthcoming in order to avoid debt covenant violations.
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