Feeds

Terra Firma tightens grip on EMI

Awaits 90 per cent backing, given extended deadline

Intelligent flash storage arrays

Private equity firm Terra Firma looks almost certain to buy EMI following a last-minute extension for its £2.4bn agreed bid from the music group.

EMI had given Terra Firma, founded by Guy Hands, until 1pm yesterday to secure the thumbs up from 90 per cent of its shareholders, but it had only garnered 85 per cent by Sunday, not enough to close the deal.

An extended deadline of this Wednesday at 1pm (GMT) has now been granted, which should give Terra Firma enough breathing space to persuade the final five per cent of shareholders needed for the 265 pence per share agreement to go ahead.

According to the Financial Times, shareholders had been sitting tight to await the outcome of any counter bid from Warner Music Group.

It confirmed 10 days ago that it was pulling out of the race to buyout its rival, clearing the way for a private equity deal.

EMI shares are up 0.89 per cent, trading at 254.25 pence on the London Stock Exchange. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Spies, avert eyes! Tim Berners-Lee demands a UK digital bill of rights
Lobbies tetchy MPs 'to end indiscriminate online surveillance'
How the FLAC do I tell MP3s from lossless audio?
Can you hear the difference? Can anyone?
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.