Hong Kong Group In Talks To Acquire Sanctuary
June 1, 2007 at 5:47 AM (PT)
BRITAIN's THE TELEGRAPH reports SANCTUARY GROUP, the embattled music company that manages Sir ELTON JOHN, is in takeover talks with a consortium led by CROSBY CAPITAL PARTNERS, an investment banking and asset management group. THE DAILY TELEGRAPH has learned that CROSBY, which is based in HONG KONG, is among the parties given access to SANCTUARY's books after the music group's disclosure earlier this month that it had received a number of takeover approaches.
CROSBY is working on an offer for SANCTUARY with a DUBAI-based firm, SILK ROUTE ASSET MANAGEMENT, and MUSIC COPYRIGHT SOLUTIONS a company in which CROSBY owns a significant stake.
WARNER MUSIC GROUP, which is also considering trumping TERRA FIRMA's agreed bid for EMI (NET NEWS 5/31), is understood to have indicated it would be prepared to pay about 25p a share for SANCTUARY. The level at which a bid by CROSBY would be pitched was not clear last night. UNIVERSAL MUSIC is also understood to have been given access to SANCTUARY's books, although it is not clear whether any of the bidders is considered a frontrunner.