Shares of EMI finished 8.5 percent higher at 269 pence ($5.30) after the offer was made just before the closing bell on the London Stock Exchange. "The global music industry is undergoing significant change and, whilst EMI is confident in its ability to deliver its recently announced restructuring plans, significant uncertainty exists as to the timing and extent of future market developments," said EMI Chairman John Gildersleeve.
He added: "Terra Firma’s offer is the most attractive proposal received and delivers cash now, without regulatory uncertainty and with the minimum of operational risk to the company." EMI reported a net loss of 288.5 million pounds in its most recent earnings release, following a profit of 86.1 million pounds in 2006. EMI is home to artists such as the Beatles and Coldplay.
Source:
MSNBC
Written by: James Delahunty @ 21 May 2007 19:24