Bidding War for EMI?
05/24/07
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(FMQB) On Monday, EMI announced that its board of directors accepted an offer from private equity group Terra Firma to purchase the major label for $4.7 billion. The deal was worth 265 pence per share, or 2.4 billion pounds in total. But just 24 hours later another bidder emerged, as the New York Post reports that private equity firm Corvus Capital and former EMI chief executive Jim Fifield were preparing a bid of 278 pence per share yesterday. EMI's board will now have to consider the offer from Corvus or risk being sued by shareholders who may claim that the deal with Terra Firma undervalues their shares.[see full story for more] - Click here for the Full Story
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