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 / £2.4 billion, but the assumption of the company’s massive debt bumped the figure up to $6.4 billion /...
Terra Firma Granted Another Extension For Shareholder Ratification
In the continuing saga for its buyout of EMI, which will definitely be a book one day, Terra Firma Capital Partners was furnished with a last minute extension for shareholder approval by the U.K.’s Takeover Panel until 1PM on Wednesday. The reason is because Citigroup has a loophole in its contract with Terra Firma, that if the concern did not acquire 90% of shareholders to sign on, then they would pull their $4.86 Billion of...
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