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| Version 1 | Version 2 |
|---|---|
| Terra Firma wins in bid for EMI | Terra Firma wins in bid for EMI |
| (about 3 hours later) | |
| 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. | 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. |
| 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. | 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. |
| Above the 90% level, Terra Firma can forcibly buy the remaining EMI shares. | 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. | 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. |
| EMI's shares climbed 3.8% to 263.75 pence on the news. | |
| Rival bid | Rival 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 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. |