EMI falls into private hands
Lily Allen is among the artists represented by EMI
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Wednesday, 01, Aug 2007 07:54
British music giant EMI has come under the control of private equity group Terra Firma after it won shareholder approval.
Terra Firma's takeover vehicle Maltby Limited said that it had bought out 90.27 per cent of EMI's shares, paving the way for the £2.4 billion takeover to be completed.
Under UK business law an owner can compel shareholders to sell up once it possesses more than 90 per cent of a company's shares.
Terra Firma, led by financier Guy Hands, first had its offer for EMI accepted by its board on May 21st.
In the same month EMI, the world's third-largest music company, posted annual losses of £260 million.
Despite counting artists such as Lily Allen, Coldplay, Robbie Williams and Pink Floyd on its roster, EMI has endured a torrid couple of years, with digital downloads biting traditional sales.
Earlier this year it rejected a takeover bid from rival Warner Music, but the company will now be de-listed on August 6th.