Privately controlled 19X Inc. said Monday it was calling off its $12-a-share bid for media licenser CKX Inc., which holds the rights to the name and likeness of Elvis Presley and Muhammad Ali.
Controlled by CKX (nasdaq: CKXE)'s chairman and chief executive, Robert F.X. Sillerman and by "American Idol" creator Simon Fuller, 19X Inc. cited turmoil in the financial sector for its decision.
Sillerman said in a release he "intends to approach the board with an alternate acquisition proposal" by Oct. 31.
CKX shares rose 15 cents, or 1.2 percent, Monday and closed before the announcement at $12.95.
Doesn't surprise me one bit with all of the banks collapsing in America. He might be safe buy keeping it private for the time being until the US economy is back on its feet with stability. However I don't think this will hamper the Graceland plans. Sillerman will make a fortune off of the Cirque show in Vegas next year but most of the revenue will kick in at the first quarter of 2010.
the economy around the world is in trouble thats for sure. i dont even remeber the recession of the late 80's and early 90's being this bad. but then again i was only 12 back in 91 so yeah
the recession of that time was far worse, lucky I had my Elvis records and early Cd collection to get me through.