EMI – The Belle Of The Ball Again – 3 New Suitors Offer Glass Slippers
EMI faces takeover interest from three U.S. private equity firms: Fortress, Cerberus and One Equity, a unit of JP Morgan Chase. The three are set for a £3 billion takeover battle during the next two weeks for control of the world’s third-biggest music group.
All three private equity firms has sent letters expressing interest in purchasing EMI, and that the music group would open its books to all three bidders which are expected to make presentations to the board next week. EMI has given the three groups only until May 23 to make formal offers. This coincides with the release of the label’s annual results.
Prior to these overtures, EMI rejected a £2.1 billion bid from long-time suitor Warner Music in March.