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It's make or break for Terra Firma's EMI bid.
Risk of freefalling shares if company takeover bid fails
by Robert Ashton
EMI is expected to be in the hands of Terra Firma today (Monday) or its shares will be in freefall and the group a possible target for Warner Music again.
Terra Firma's 265p-per-share deal for the music group was hanging in the balance at the end of last week with the private equity firm sweating over whether it could achieve the 90% level of acceptances - by the 4pm deadline last Friday if dealt electronically or 1pm yesterday (Sunday) - necessary for the deal to go through.
If the deal goes through, EMI will be taken private and the next round of questions will be asked about selling off the recorded music group and the future of EMI Group chief executive Eric Nicoli.
If the deal collapses it will be damaging for all sides, concedes one insider. "It will be pretty damaging for both Citigroup and Terra Firma, but awful for EMI. They have had many takeover attempts. But everyone wants the deal to go through."
Terra Firma would not reveal the level of shareholder support it had achieved by last Thursday, although analysts were not confident the deal had even a 50/50 chance of success. Terra Firma's acquisition vehicle Maltby had achieved just 26.19% acceptances from EMI shareholders the week before, up to the further deadline extension. This represented about 212m shares.
- Terra Firma assumes control of EMI.
- Magazine article from: Music Week August 11, 2007 700+ words
...Robert Ashton Terra Firma will hold off...cull or change EMI Group in any shape...Warner believes Terra Firma has paid "over the odds" for EMI. "Financing...observers also believe Terra Firma will undergo some cost cutting. EMI has already instigated...
- Terra Firma gets clear run at EMI.
- Magazine article from: Music Week July 28, 2007 700+ words
...withdrawal from the EMI bidding process...field clear for Terra Firma by Robert Ashton...strategy, with Terra Firma odds-on favourites to capture EMI and then open...he adds. Terra Firma publicly remains committed to EMI's recorded music...
- EMI may land on Terra Firma.(EMI Music, Terra Firma Capital Partners)
- Magazine article from: Daily Variety Masson, Gordon May 22, 2007 700+ words
...Hands said: "Terra Firma's objective is to build on EMI's current position...different parties" for EMI Group, but added: "Terra Firma's offer is the...520.7 million. EMI's shares closed...5.22 level of Terra Firma's offer at...
- Terra Firma to divulge EMI plans.
- Magazine article from: Music Week November 10, 2007 700+ words
Terra Firma will reveal its grand gameplan for EMI in early 2008 as it...Insiders suggest Terra Firma, which paid #2.4bn for EMI could, therefore...Christmas. In a letter to EMI staff last week, Terra Firma CEO Guy Hands played...
- Terra Firma moves EMI deadline.
- News wire article from: UPI NewsTrack July 30, 2007 700+ words
...unless the Takeover Panel gives it another extension, the firm said. Terra Firma said it had secured 84.94 percent of EMI shareholder support. The EMI and Terra Firma boards agreed on the terms of a recommended cash offer May 21. But since...
- Terra Firma plans EMI makeover.
- Magazine article from: Daily Variety Gallo, Phil September 18, 2007 700+ words
...this week. Guy Hands' Terra Firma purchased EMI for $4.8 billion...annual meeting that Terra Firma had acquired EMI because company toppers...We're just hoping EMI is as bad as we think it is." Terra Firma will not be selling...
- Terra Firma gets EMI, finally.(DIGI GRAMS)(Terra Firma Capital Partners)(Brief...
- Newspaper article from: The Online Reporter August 4, 2007 700+ words
Terra Firma acquired EMI Music this week for [pounds sterling...said still to be interested in acquiring EMI's recorded music operations. Terra Firma says it has no plans to sell of pieces of EMI. EMI suspended dividend payments earlier...
- Warner refuses to give up on EMI despite agreed Terra Firma offer.
- Newspaper article from: Sunday Business (London) May 29, 2007 700+ words
...continue going through EMI's books, despite the...E3.5bn) bid from Terra Firma, the private equity group...year, was rebuffed by EMI. John Gildersleeve, chairman of EMI, explained that Terra Firma's offer was compelling...
- EMI agrees to $4.7 billion offer from Terra Firma.(news & product briefs)(Terra...
- Magazine article from: EContent July 1, 2007 700+ words
...takeover from private equity group Terra Firma. Terra Firma intends to keep EMI intact and proceed with plans...New York-based Warner. EMI was advised by Greenhill...and Deutsche Bank, while Terra Firma was advised by Dresdner Kleinwort...
- Terra Firma to get EMI ... or will it?(DIGI GRAMS)(Brief article)
- Newspaper article from: The Online Reporter July 27, 2007 700+ words
...sweeten its bid for EMI, so private equity group Terra Firma could get the record...9 billion if EMI shareholders approve...acceptance of Terra Firma's bid has been...Citigroup that Terra Firma is borrowing from to pay for EMI are threatening...