EMI agrees 3.2 billion takeover


EMI agrees 3.2 billion takeover
Music group EMI has accepted a takeover bid of £3.2 billion from private equity group Terra Firma.

The troubled London-based firm, which counts Robbie Williams, Lily Allen, the Beatles and Coldplay on its roster of artists, is unanimously recommending that shareholders accept the 265p per share offer.

Today's offer from Terra Firma trumps an earlier bid from EMI's US rival Warner Music and comes as the British firm announced losses of £260 million during the last financial year.

John Gildersleeve, chairman of EMI, acknowledged that Terra Firma's accepted bid reflected the "significant changes" the music industry was undergoing.

"Terra Firma's offer is the most attractive proposal received and delivers cash now, without regulatory uncertainty and with the minimum of operational risk to the company," he explained.

Mr Gildersleeve indicated that the EMI board has received "a number of proposals" from several different parties.

Guy Hands, chief executive officer of Terra Firma Capital Partners, said he was "delighted" that EMI had chosen his bid ahead of others.

"Terra Firma's objective is to build on EMI's 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," he said.

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