Bidder gives EMI shareholders more time
Private equity firm Terra Firma today gave EMI shareholders an extra week to accept its £2.4bn (€3.5bn) offer for the troubled music label after receiving support from less than 4% of investors.
Shareholders in EMI – home to stars including Lily Allen and Robbie Williams - now have until July 19 to back the takeover bid after Terra Firma extended the deadline for acceptances for the second time.
Terra Firma, run by financier Guy Hands, also announced it has received clearance from the European Commission for the deal, but it is thought that EMI investors are waiting to see if long-term suitor and rival Warner Music will table a higher offer.
