p2pnet.net news:- “We target large asset-rich companies that have often been neglected, under-managed or under-invested by their owners,” says Terra Firma.
Yesterday was the day Big 4 record label cartel member EMI was supposed to have formally accepted Terra Firma’s $4.7 billion cash buy offer,
But that didn’t happen and now the European private equity firm has extended the deadline to July 4, says Billboard.
“By 1pm London time yesterday, Terra Firma had gained acceptances that represented 3.53% of EMI’s existing shares,” says the story. “This exceeded the minimum 2% that a Terra Firma spokesman said would encourage the company to pursue its bid. Such a figure is not unusual, with institutional shareholders likely to withhold support until as late as possible in the hope of a counter bid.”
In a statement to the London Stock Exchange, “EMI shareholders who have not yet accepted the offer are urged to do so as soon as possible and in any event by July 4,” said Terra Firma.
Meanwhile, there’s been no news on whether or not Warner music is still in the game.
“It is currently more likely than not,” the said Reuters on June 11, quoting an anonymous source as saying Warner would, “make a decision either this week or early next week”.
Alternatively, it, “could allow Terra Firma to buy EMI and then make an offer to the private equity group for EMI’s recording unit at a later date,” says the story, noting the Terra Firma-EMI proposal includes a 24 million pound break clause.
Terra Firma – EMI sold for $4.7 billion, May 21, 2007
Billboard – EMI Sale Deadline Extended, June 28, 2007
still in the game – Warner after EMI. Again, June 11, 2007
Reuters – Warner says may make EMI counter-bid, June 11, 2007
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