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’Citi enables Terra Firma to clinch EMI
Terra Firma, the UK private equity group run by Guy Hands, seems set to secure control of EMI, as acceptances continued to come in for its £2.4bn offer amid signs that its bankers will not stand in the way of the deal completing by Wednesday’s deadline.
Terra Firma closes in on EMI
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.
EMI and Hands scramble for backing
Terra Firma, the buy-out fund run by Guy Hands, and EMI are scrambling to secure enough backing from investors for their £2.4bn agreed deal amid concerns that tightening credit markets could undermine the business case for Terra Firma’s takeover of EMI.
Warner abandons hopes for EMI
Warner Music on Tuesday said it would not mount a bid for rival EMI, again dashing hopes for a merger between the two groups and clearing a path for an EMI purchase by UK private equity firm Terra Firma.
Warner may drop pursuit of EMI
Shares in Warner Music dropped to a new low on Monday amid growing speculation that the record company may abandon its seven-year pursuit of a merger with EMI, its UK rival. Warner and Jim Fifield, a former EMI executive who had expressed interest in EMI,
Warner hires big gun for EMI advice
Warner Music Group has hired the veteran Wall Street banker Alan Mnuchin to help assess a £2.3bn bid for EMI ahead of a looming deadline to swoop for the troubled British record label, reports the Daily Telegraph.
Terra Firma extends EMI deadline
Private-equity firm Terra Firma extended its £2.4bn bid for EMI Group another week, hoping to win over shareholders holding out for a counterbid from former suitor Warner Music, reports the Wall Street Journal.
Terra Firma approaches Warner
Terra Firma, the private equity group which made a £3.2bn recommended offer for EMI last month, is understood to have approached Warner Music about buying the UK music group’s recorded music business.
EMI sets hurdle for Warner bid
The EMI board will reject a counter-bid from Warner Music at less than 300p a share unless the American music company is willing to risk winning regulatory approval from Brussels, reports The Times. Warner Music,
Regan dumps EMI plans
Corvus Capital, the vehicle of financier Andrew Regan, denied on Wednesday that it would be making a move for EMI, the world’s third-largest music group by sales.
The announcement came in response to reports in the US earlier in the day that Corvus was putting together a bid.
EMI shareholders back Terra Firma bid
Top shareholders in EMI have signalled likely support for Terra Firma’s recommended £3.2bn offer for the UK music group. One leading shareholder told the FT that it was “not unhappy with the deal” on the table.
EMI warns on profits; Hands seals recommendation – but then the shares spike…
What can we say? As trading on the London market came to a close on Monday at 4.30 BST, shares in music group EMI were up 10 per cent at 274p.
Eighteen minutes earlier, EMI had released figures for the year to end-March,
Terra Firma enters race for EMI
Just up on FT.com is the latest name in the bidding for EMI. Terra Firma, the private equity firm run by Guy Hands, has emerged as a last-minute surprise bidder for the music group.
Terra Firma is understood to have made a sealed bid,
Warner Music tries to buy EMI, again
Warner Music is to make its latest attempt to buy EMI, joining three financial bidders in the £3bn battle for the UK music group. The US music company, led by Edgar Bronfman Jr, has begun due diligence after gaining access to EMI’s books.
One Equity in $6bn approach to EMI
One Equity, the US private equity group affiliated to JPMorgan, has approached EMI about a takeover which could value the British music group at more than $6bn. One Equity is understood to have sent a letter expressing its interest to the board of EMI just days after the music group’s latest trading statement on April 18.
CDS report: EMI back in play?
The cost of protection against default in European credit derivatives markets continued to fall on Monday on the back of stronger stock markets and growing optimism over the current round of earnings reports.
EMI suspends dividend ahead of securitisation plan
EMI has suspended its dividend to save cash and appointed Deutsche Bank and Royal Bank of Scotland to examine the potential securitisation of its vast music publishing assets as it seeks to cut costs of its £910m debt load.
Markets live transcript 6 Mar 2007
Markets live chat transcript for the chat ending at 11:35 on 6 Mar 2007. Participants in this chat were: Paul Murphy (PM) Neil Hume (NH)
PM: Welcome to Markets Live, Alphaville’s daily discussion of what’s moving and why
PM:
EMI rejects Warner terms
This will cheer up the London stock market at the end of a stressful week.
Warner Music has tabled terms for a takeover of EMI, encouraging London’s more speculative types to start betting on a fully fledged fight for control of the troubled British music group.
EMI meets to look at opening books for Warner
EMI’s board will decide tomorrow whether to release confidential financial information to assist private equity firms and Warner Music to make a formal bid, reports the Times. Warner is yet to submit a revised proposal,
Fortress jumps on EMI bandwagon
Fortress, the US hedge fund and private equity group, is among a pack of buyout firms circling EMI, the troubled British music company, this weekend, reports the Sunday Telelgraph. Fortress, which raised $635m in a New York listing earlier this month and has since seen its share price soar,
CDS report: Rexel filing spurs rally
European credit derivative indices opened stronger again this morning, particularly the junk-rated index, which was spurred on by a big move for Rexel, the private-equity owned electrical equipment distributor,
EMI sounds out suitors after Warner move
EMI is in talks with several private equity groups including One Equity Partners, the US group affiliated with JPMorgan Chase, to sound out potential alternatives to Warner Music’s $6bn approach for the British music group.
CDS report: Indices keep breaking records
The indices of European credit derivatives broke new records this morning as the strong rally in credit picked up again following a pause for breath in recent days.
The strength of the rally has taken the level of the indices,
Warner truce clears way for EMI bid
Warner Music has struck a truce with independent record labels, which could clear the way for the US-listed group to make a $6bn bid for EMI and reset the balance of power in the music industry’s negotiations with Apple and other digital distributors. Warner has secured the support of the music companies’ fiercest critic to revive merger talks with EMI.
CDS report: Erratic EMI sees spreads widen
EMI saw a second consecutive day of sharp moves in the European credit derivatives market after the music group said it had received a bid approach from US rival Warner Music.
The two companies have tried and failed on several occasions to seal a merger agreement,
EMI “stand alone” days look numbered
In the circumstances, it might have looked odd if EMI had not received a takeover offer. .
On Tuesday morning, the music group confirmed that rival Warner Music had made an approach, but it cautioned that there was currently nothing concrete for EMI directors to consider.
Hedge fund needles EMI with valuation demand
A rebel shareholder in EMI has demanded, in a letter to the company’s chairman, John Gildersleeve, that the embattled music major put a value on its catalogue of over a million songs, prompting an angry response from the British company,
CDS report: EMI faces the music
EMI was a big mover in the European credit derivatives market on Monday following media reports that the music group was looking at ways to restructure its debt profile.
The FT reported that EMI was looking at a possible securitisation of its debt – to allow the group to replace more expensive debt – but it is understood to be one of several possible plans under consideration.
CDS report: PortTel up after Sonae lifts bid
Portugal Telecom was one of the biggest early movers in the European credit derivatives market on Friday after Sonaecom, its smaller local rival, finally lifted its hostile bid for the network operator.