Guy Hands, chairman of EMI, the music company, has tabled a bid for Chrysalis, one of Britain’s last big independent music groups, reports The Times. The audacious move by Hands, whose private equity group, Terra Firma, bought EMI for £3.2bn last year, follows a tumultuous month for the country’s best-known music company after Hands announced this week he would cut nearly a third of the firm’s 6,000-strong workforce and create “new revolutionary structure” for the business. Hands faces competition however. Jefferies International, Chrysalis’s adviser, has also received an indicative bid from Warner Chappell, the music publishing unit of Warner Music. An offer is also thought to have come from Sony/ ATV. Buy-out firms and specialist music publishers have also shown an interest, and it is understood Chrysalis received early-stage interest last month when it held preliminary discussions with various parties, says The Times. Analysts have said the group could be valued at more than £150m.

This entry was posted by Gwen Robinson on Friday, January 18th, 2008 at 5:42 and is filed under Capital markets, M&A, People, Private equity. Tagged with chrysalis, emi, guy hands. Edit this entry.