Terra Firma confirms EMI bid
Firm secures financing for endeavor
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Terra said it had closed backing for its third investment fund, having raised $7.3 billion and immediately locked in its EMI offer, setting a June 27 deadline for any counteroffers to be lodged.
Brokers still predict the emergence of a higher bid than Terra's $5.26 per share offer, as EMI shares were still trading with a 20¢ premium at $5.46 Wednesday, but as yet no other offers have been announced.
However, former EMI chief exec Jim Fifield has confirmed that he wants to lead a buyout of the music group, and it is understood that longtime suitor Warner Music is still examining the London-based company's financial records as it ponders a late bid.
With the clock now ticking, it's likely that if others are interested in an EMI takeover, proposals will be submitted sooner rather than later so that existing EMI shareholders can weigh the pros and cons of each offer.
