Anschutz pulls Kings off the marketReuters
March 14. 2013 10:05PM
Billionaire Phil Anschutz took his Los Angeles-based sports, music and arena conglomerate off the market because he felt reinvigorated after back surgery and didn't like "the noise" surrounding the sale, he said.
Anschutz announced the end of the heavily watched sale process on Thursday despite multibillion-dollar offers that the 73-year-old Denver dealmaker said might have led to successful negotiations for the privately-held company.
"I'm feeling energized and will be more active at AEG as chairman," the owner said during a rare conference call with selected reporters. "There was too much noise in the process, a lot of people talking off the record, and most of it inaccurate."
The deal, which he said "from the beginning had less than 50-50 chance of happening," drew non-biding bids of more than $1 billion less than the $8 billion people close to the process said Anschutz was seeking.
The sale process, which the company acknowledged on Sept. 19, was closely watched for its world-class assets and lofty price tag.
AEG's portfolio includes 120 owned or operated arenas around the world, the Los Angeles Kings professional hockey team, a stake in the Los Angeles Lakers basketball team, and a concert business.