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. 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.

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