E.U. OKs Terra Firma Purchase Of EMI
July 12, 2007 at 6:04 AM (PT)
The EUROPEAN COMMISSION has cleared U.K. private equity group TERRA FIRMA CAPITAL PARTNERS to buy U.K. music company EMI GROUP PLC for GBP2.4 billion, or EUR3.6 billion, although the deal has yet to win acceptance from the majority of EMI shareholders.
When the most recent deadline for acceptances for the agreed TERRA FIRMA offer closed last week -- midway through the bid process -- just 3.56% of EMI's stockholder base had accepted the offer (NET NEWS 7/5).
Most investors are waiting to see if WARNER MUSIC GROUP will counterbid before the deadline for acceptances closes, analysts said. WMG declined to comment.