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3 U.S. Firms to Consider E.M.I Takeover |
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Written by Staff Writer
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May 05, 2007 at 07:44 AM |
The music group EMI, home to Robbie Williams and Coldplay, faces takeover interest from three U.S. private equity firms, the Financial Times reported on Saturday.
The newspaper said Fortress (FIG.N: Quote, Profile, Research, Cerberus and One Equity are set for a 3 billion pound takeover battle during the next two weeks for control of the world's third-biggest music group.
Shares in EMI ended 8.2 percent higher at 246-1/4 pence on Friday after the group said it had received a number of takeover approaches following a report that One Equity Partners, a unit of JP Morgan Chase and Co, had joined the suitors.
The FT said that all three private equity firms has sent letters expressing interest in buying 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.
The FT also said that EMI had given the three groups only until May 23 -- the time of its annual results -- to make fully financed, formal offers.
EMI, which had rejected a 2.1 billion pound bid proposal from long-time suitor Warner Music in March, was not immediately available for comment.
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