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’Private equity, Debt and Rock and Roll
“Drat” is the tone deaf cry to be heard from both EMI and Warner as their plans to issue MBSs (Music Backed Securities) have been scuppered by the recent turmoil in the credit markets.
Both companies have been considering issuing billions of dollars of debt by securitising against their publishing catalogues reports Joshua Chaffin in today’s FT.
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 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.
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.
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,
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.
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.
EMI considers debt shake-up
EMI is considering restructuring its debt, loading more borrowings on to its music publishing division, in a move that could make the UK music company less vulnerable to a takeover by private equity. The new financial structure,