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Simon Fuller, the creator of American Idol, has teamed up with a former Barclays Capital executive to formulate a $600m bid for CKX Inc. (CKXE), the entertainment group that owns the rights to the television talent show and manages Elvis Presley’s estate.
Mr Fuller has been in discussions with Roger Jenkins, an ex-Barclays Capital tax expert, for months and the two have amassed a $1bn fund, according to one person familiar with their negotiations, who said they planned to write to the CKX board with their proposal as early as Friday.

A $600m offer would trump a proposal pitched at $550m-$560m in March by One Equity Partners, the JPMorgan private equity arm. One Equity Partners had been working with Bob Sillerman, who stepped down as chairman and chief executive of CKX this month to pursue buyout plans.

The offer would also represent a substantial premium to CKX’s current share price, which closed on Thursday at $4.32, valuing the company at $395m. The group had $101m of debt and $55m of cash at the end of the last quarter. Shares bolted on the rumours up over 25 percent on well above average trading volume.

Origin Agritech Ltd (SEED), a supplier of hybrid and genetically modified crop seeds, said it has sold its minority stake of 34 percent in Chinese cotton seed producer Biocentury Transgene for RMB 60.0 million ($8.8 million) to a private investor.
Shares of Beijing-based Origin rose in early trading over 16 percent and continue to outperform the market.

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