Report: June 27 Deadline For EMI Counter-Bids
May 30, 2007 at 9:14 AM (PT)
REUTERS reports today that private equity group TERRA FIRMA officially launched its agreed 2.4 billion-pound bid for EMI, effectively setting a JUNE 27 deadline for any counter-bids.
EMI said last week it had agreed to the 265-pence-a-share cash bid from TERRA FIRMA, but sources familiar with the situation have told REUTERS that long-term suitor WARNER MUSIC GROUP is still examining the financial data. Former EMI MUSIC Chief Executive JIM FIFIELD has also said he wants to buy his former company.
TERRA FIRMA has offered 265 pence a share, but EMI's stock has since traded above 270 pence, implying the market expects a higher offer.