LONDON — EMI Group took a step closer to a sale of the company Thursday, when it announced that a number of shareholders had already agreed to a £2.4 billion ($4.79 billion) takeover by private equity company Terra Firma.
The music group said 3.5% of its shareholders had responded positively to Terra Firma’s offer of $5.29 per share through the investment company’s subsidiary Maltby.
The offer has been extended, which makes the new deadline Wednesday. If sufficient numbers of shareholders have still not given their approval by that date, a further extension can be given.
Shares in EMI have consistently changed hands in excess of Maltby’s offer price since the music group’s board agreed to the deal last month.
EMI shares rose 0.37% to 270.25 pence ($5.40) Thursday on the London Stock Exchange, suggesting that investors may still believe a higher bid is imminent. If one comes in, it would most likely come from Warner Music Group.