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RLJ Entertainment committee hires financial adviser, legal counsel for AMC offer

A special committee of independent directors formed by RLJ Entertainment Inc. has retained Allen & Co. LLC as its financial adviser and Greenberg Traurig LLP as its legal counsel in connection with a proposal from AMC Networks Inc. to buy all outstanding shares of the company's common stock not currently owned by AMC or entities affiliated with Robert Johnson, chairman of RLJ's board.

The financial adviser and the legal counsel will help the committee evaluate and negotiate the takeover offer, according to a March 19 news release.

RLJ Entertainment, however, said there was no assurance that a definitive agreement will be reached or any potential transaction involving the company will be approved by the special committee.

AMC Networks offered to buy the outstanding shares of RLJ not currently owned by AMC Networks or entities affiliated with Johnson for a purchase price of $4.25 per share in cash.