It’s been a tough year for Gurbaksh “G” Chahal, who built advertising company RadiumOne into a few-hundred-million-dollar business before being ousted by his board in April.
Chahal, who was CEO of RadiumOne, was ousted after domestic violence charges against him were made public. The advertising entrepreneur was accused of beating his former girlfriend multiple times one evening last summer, but the charges were later dropped.
Now Chahal has offered to buy back his former company for an undisclosed sum, Recode’s Kara Swisher reports. Swisher says she’s reviewed a term sheet and her sources say Chahal may be offering as much as 9 figures to re-acquire RadiumOne. If Chahal were to buy back the company, it would join forces with his new startup, Gravity4.
It’s not clear how Chahal could afford a nine-figure buyout. He has accumulated significant wealth, however, from selling two previous companies for a combined $US340 million.
RadiumOne doesn’t seem interested in his offer. It gave the following statement to Re/code:
“While we are obligated to review all offers and will do so at the next board meeting, RadiumOne is not for sale and not with an offer that fails to reflect the value that has been built in the company. With a record second half behind it and the company poised for strong growth in 2015, RadiumOne will continue with its current plans to build an enduring and substantial company under the steady hand of existing leadership.”
Chahal fired back and told Swisher:
“RadiumOne is much better in the hands of a more sophisticated management team and a company with heavy investment firepower. Gravity4 has both, the capital, the vision and leadership. I can only hope the board realises the industry is going through its consolidation phase and accepts this offer for the sake of the employees of RadiumOne before it’s too late.”