The Beeb reports, “The group, whose artists include Robbie Williams and the Beatles, has been the subject of bid speculation for the past year as its business has struggled. It previously rejected a takeover bid from US industry rival Warner Music.”
“EMI’s board of directors has recommended the 265-per-share offer from Terra Firma but the deal must be approved by the firm’s shareholders,” The Beeb reports.
“The deal is unlikely to raise the same competition issues as if EMI was being bought by one of its rivals such as Warner Music and could take just months to be completed,” The Beeb reports.
“Terra Firma is run by Guy Hands, one of the UK’s leading financiers,” The Beeb reports. “He said the deal would enable EMI to ‘build on its current position as one of the world’s leading music companies and accelerate the development of its digital and online strategy to fully exploit this long-term growth opportunity.'”
Full article here.
[Thanks to MacDailyNews Reader “Macnut222” for the heads up.]