Terra Firma Extends Deadline – Again
Terra Firma has extended the deadline to July 12 on its $4.84 million / Â£2.4 million acquisition bid for EMI — again. This is the second extension issued for shareholder approval. Terra Firma stated that the offer “is being extended and will remain open for acceptance until the next closing date, which will be 1pm (London time) on 12 July 2007.” A Terra Firma representative had stated the equity firm was willing to keep lengthening the deadline for full acceptance until July 26.
July 4 marked the end of the first extended deadline, when EMI shareholders were urged to accept the bid. Terra Firma’s original cash bid was announced on May 21. However, Terra Firma had received about 3.56% of EMI’s issued shares as of yesterday, only a slight uptick from the 3.53% acquired by June 28, when the first deadline extension was declared.
Terra Firma is willing to pay 265 pence ($5.34) a share for EMI and needs 90% of the publicly quoted music group’s shares to nab the deal.
The Future: Are the EMI shareholders still holding out for a higher counterbid from Warner??