SFX Enterntainment Inc (NASDAQ:SFXE) CEO and Chairman Robert F.X. Sillerman has offered to buy all of the company’s stock.

Sillerman has offered to buy all of the remaining shares of SFXE stock that he does not own to take the company private. He currently owns 39.8% of SFX Enterntainment’s shares and has offered to pay $4.75 a share for the ones he doesn’t own.

In response to Sillerman’s offer, SFX Enterntainment has assembled a special committee to go over the details and negotiate the offer. The committee will also offer advice to shareholders for  the deal. The company also said that it will offer current shareholders the right to remain as investors if the company goes private.

“I have put forward a proposal that offers substantial value and flexibility to all shareholders,” Sillerman said in a statement. “Given the inherent risks in our business, my offer guarantees a substantial premium to current price.”

SFXE shares were up 31% as of Wednesday afternoon.

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