CKX board agrees to revised acquisition offer

Media licenser CKX Inc., which holds the rights to the names and likenesses of figures such as Elvis Presley and Muhammad Ali as well as "American Idol," said Wednesday its board agreed to a revised acquisition offer from privately held 19X Inc.

Earlier this month 19X lowered its offer to $12 per CKX share. Last June, CKX agreed to be bought by 19X for $13.75 per share. The companies agreed to revise the agreement in September to reduce the amount of cash 19X would need to close the deal.

19X is led by CKX Chairman and Chief Executive Robert F.X. Sillerman and "American Idol" creator Simon Fuller.

The revised deal gives CKX a window of 45 to 60 days to look for superior offers to 19X's proposal. It also states that stockholders with at least 73 percent of CKX's outstanding shares must vote in favor of the deal for it to be approved, rather than the initial 50 percent requirement.

The company also said it reached a tentative settlement on a shareholder lawsuit related to the proposed transaction.

The acquisition is targeted to close by Oct. 31.

CKX shares gained 29 cents, or 2.8 percent, at $10.50 in morning trading.