Terra Firma, the UK buy-out firm, looks set this week finally to buy EMI after securing a last-minute extension for its £2.4bn agreed takeover of the music group from the UK Takeover Panel at the weekend. Guy Hands, founder of Terra Firma, now has until 1pm on Wednesday – his original deadline was 1pm Sunday – to garner acceptances from 90 per cent of the shareholders to close the 265p-a-share deal and secure guaranteed funding from Citigroup. On Friday evening, Terra Firma had the support of owners of 85 per cent of EMI’s shares. The extension comes after a tense week, with Terra Firma rushing to secure the acceptances in a short time frame.

This entry was posted by Gwen Robinson on Monday, July 30th, 2007 at 5:43 and is filed under Capital markets, M&A, People, Private equity. Tagged with citi, emi, guy hands, terra firma. Edit this entry.