Terra Firma’s Bid For EMI Has Been Extended To July 4, 2007 For Shareholder Approval
Terra Firma stated that shareholders of EMI would be given more time to consider takeover offer after Terra secured less than four percent of shares. The British private equity group Terra revealed that the company owned only 3.53 percent of EMI stock at the original offer’s closing date when EMI accepted its cash offer worth £3.2 billion (€4.7 billion, $6.4 billion). Terra also disclosed that the 4% includes the 0.13-percent of shares owned by EMI’s directors. The proposal has now been extended until July 4.