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Terra Firma wins in bid for EMI Terra Firma wins in bid for EMI
(about 1 hour later)
Private equity group Terra Firma has succeeded in its bid to buy music firm EMI, the BBC has learned. Private equity group Terra Firma has succeeded in its bid to buy music firm EMI - securing just more than the 90% of shareholder approval it needed.
Ninety percent of EMI shareholders agreed to the £2.4bn takeover offer by the UK company, controlled by buyout specialist Guy Hands. By the Wednesday deadline, 90.3% of EMI investors had agreed to the £2.4bn takeover offer by the UK company, headed by buyout specialist Guy Hands.
This means the remaining shareholders are now obliged to accept the 265p-per-share offer. Above the 90% level, Terra Firma can forcibly buy the remaining EMI shares.
EMI's artists include Joss Stone, Lily Allen, Coldplay, Robbie Williams and the Chemical Brothers.EMI's artists include Joss Stone, Lily Allen, Coldplay, Robbie Williams and the Chemical Brothers.
The 265p-per-share offer for values EMI's issued share capital at £2.4bn, and the company's value including debt at £3.2bn.
Rival bidRival bid
The bid had been repeatedly extended, but eventually shareholders were given until 1300 BST on Wednesday to decide.The bid had been repeatedly extended, but eventually shareholders were given until 1300 BST on Wednesday to decide.
EMI had also attracted interest from Warner Music, which had a previous bid rejected earlier this year. EMI had also attracted interest from Warner Music, which had a bid rejected earlier this year.
The board of EMI first agreed to be bought by Terra Firma on 21 May.The board of EMI first agreed to be bought by Terra Firma on 21 May.
One of the world's big four record companies, EMI has seen sales decline dramatically over the past year.One of the world's big four record companies, EMI has seen sales decline dramatically over the past year.
In May, it said that it had made a £260m loss in its latest financial year.In May, it said that it had made a £260m loss in its latest financial year.
Like all record companies, it has been hit by the trend for more digital downloading of music, while a number of high-profile album releases have badly disappointed.Like all record companies, it has been hit by the trend for more digital downloading of music, while a number of high-profile album releases have badly disappointed.
EMI announced a radical restructuring plan earlier this year, resulting in the loss of hundreds of jobs in both Europe and the US.EMI announced a radical restructuring plan earlier this year, resulting in the loss of hundreds of jobs in both Europe and the US.