Board of directors ask shareholders to accept
The board of directors of EMI is recommending that shareholders accept as soon as possible the purchase offer made by Maltby Ltd.’s Terra Firma.
EMI also noted that it has serious doubts Warner Music or Jim Fifield will ever make an offer for the company.
The board already has voted to sell its 1.1 million shares, which represent approximately 0.13%. EMI is asking all shareholders to accept the offer by 1 p.m. Thursday in London.
The board also noted that it doubts Fifield’s suggestion that Thursday’s deadline caused Warner Music to forego making a bid. EMI noted that Terra Firma’s bid was made Feb. 20; that Fifield did not participate in due diligence while other parties did in May; and that Fifield never contacted EMI since he announced his interest in the company on May 25.