Terra Firma Extends EMI Takeover Bid
June 28, 2007 at 5:35 AM (PT)
Private equity firm TERRA FIRMA CAPITAL PARTNERS, which has offered 2.4 billion pounds ($4.7 billion) for EMI GROUP PLC, extended its takeover bid today (6/28) until JULY 4.
As of JUNE 27, MALTBY -- a company formed by TERRA FIRMA for the takeover -- had received acceptances representing 3.5% of the music company.
EMI agreed in MAY (NET NEWS 5/21) to the takeover by TERRA FIRMA, which is helmed by financier GUY HANDS. The company said that TERRA FIRMA's offer was the best among a number of proposals it received. The offer values EMI at 265 pence ($5.23) a share. EMI shares were trading at 270.25 pence ($5.40) THURSDAY on the LONDON STOCK EXCHANGE, up 0.4% -- suggesting that investors may still believe a higher bid could be coming.
WARNER MUSIC GROUP said earlier this month it is considering making another offer to purchase EMI. In MARCH, WARNER MUSIC offered to purchase the company for $4.2 billion, but the bid was rejected.