Aware that MGM has Expressed Interest in Acquiring Tix and believes that Negotiating a Sale to MGM is in the Best Interests of Tix Stockholders
PR Newswire
NEW YORK, July 18, 2018
NEW YORK, July 18, 2018 /PRNewswire/ -- Bandera Partners LLC, a significant stockholder of Tix Corporation ("Tix" or the "Company") (OTCQX: TIXC) with beneficial ownership of approximately 15.1% of the Company's outstanding shares, announced today that it has issued a public letter to the Board of Directors of Tix regarding a potential transaction with MGM Resorts International. The full text of the letter follows.
July 18, 2018
Tix Corporation
12711 Ventura Blvd., Suite 340
Studio City, California 91604
Attention: Board of Directors
Dear Members of the Board:
Bandera Partners LLC (together with its affiliates, "Bandera" or "we") beneficially owns approximately 15.1% of the outstanding shares of Tix Corporation ("Tix" or the "Company"), making us the Company's largest outside stockholder.
As you are aware, we received a copy of the letter from MGM Resorts International ("MGM") directed to Chairman and Chief Executive Officer Mitch Francis in which MGM once again expressed its interest in acquiring all of the outstanding shares of Tix. We believe that negotiating a sale to MGM is in the best interests of the Company's stockholders and, as such, we were disappointed to learn that, to date, MGM feels that Tix has failed to engage in meaningful discussions regarding a value-maximizing transaction.
To be clear, as we expressed to Mr. Francis on Monday, we believe it is incumbent upon the Company's Board of Directors (the "Board") to fully and fairly explore a potential sale of the Company to MGM. To that end, we call upon the Board to immediately engage in discussions with MGM regarding a possible transaction.
In the event that the Board fails to immediately commence discussions with MGM regarding a possible sale of the Company, we will not hesitate to take any actions that we believe are necessary to protect stockholders' best interests.
Sincerely,
Jeff Gramm
Bandera Partners LLC
About Bandera Partners
Bandera Partners is a value-oriented hedge fund based in New York.
Contact
Jeff Gramm, (212) 232-4583
[email protected]
View original content:http://www.prnewswire.com/news-releases/bandera-partners-issues-public-letter-to-board-of-tix-corporation-300682544.html
SOURCE Bandera Partners LLC