Buyout firm’s EMI tender accepted
From Times Staff and Wire Reports
Terra Firma Capital Partners Ltd.’s 2.4 billion-pound ($4.9 billion) offer for EMI Group was accepted by 90.3% of EMI shareholders, ensuring that the firm can get financing to buy the record label of the Beatles.
The London-based buyout firm received “valid acceptances” from the holders of 732.16 million EMI shares. The firm needed 90% support to gain financing from Citigroup Inc.
The acquisition marks an end to seven years of attempts by EMI and Warner Music to buy each other.
