Terra Firm’s Buyout Of EMI Finally Approved By 90% Of Shareholders
Terra Firma’s buyout of EMI Group was finally sactioned by EMI’s shareholders when the required 90% approval milestone was reached. Citigroup, who is financing the endeavor, threatened to pull their funding of the 90% approval was not reached. Terra Firma’s 265 pence per share bid valued EMI at $4.8 billion / Â£2.4 billion, but the assumption of the company’s massive debt bumped the figure up to $6.4 billion / Â£3.2 billion.
The shareholder approval for the takeover finally gives the first book of this saga an ending. Shareholders were took their time ratifying the deal, which took five extensions to their “final deadline” to achieve the required votes.
However, the Terra Firma / EMI story is far from over. Speculation of what will happen to EMI now that Terra is in control, and the behind the scenes players, is now in full swing. However, J. K. Rowling promises not to kill off any more major characters in the next book, but gave no further details…