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Warner considers EMI move after extension.
Warner Music has been given a longer period of grace to consider its next move on EMI, after Terra Firma moved to extend its deadline for buying EMI to 1pm on July 4.
The private equity group set the new deadline after only gathering 28.6m shares representing around 3.53% of EMI by the end of its first offer deadline - at 1pm last Wednesday - for buying the UK major.
Although the tiny percentage of acceptances - just slightly more than the 0.13% of shares controlled by the EMI directors that are recommending Terra Firma's 265p offer (and are included in the 3.53% acceptances) - is well short of the 90% acceptances needed to secure the takeover, sources close to the private equity's group's acquisition vehicle Maltby Ltd are unconcerned.
"This is normal," says the source. "I would have been surprised if it was much more than 1%. No one accepts this early in the game. This is not unusual."
To ensure that Terra Firma/Maltby secures the required level of acceptances, ...
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