The acquisition of Live Entertainment by an investor group led by Bain Capital and Richland Gordon & Co. was approved Wednesday at a shareholders meeting in Los Angeles.
Live’s board of directors, topped by chairman and CEO Roger Burlage, heaved a collective sigh of relief as the corporate formalities closed in the space of about 15 minutes a deal that had been months in the making.
The deal heads off a financial squeeze for Live from preferred bondholders, who control $60 million in senior debt. The cost of the buyout of the bondholders and Live’s 50% shareholder, Pioneer Electronics, will be more than $100 million, including the refinancing of Live’s existing debt.
With the deal now inked, Burlage collects just better than $800,000, as his stock options are bought out by the new owners.