UMG Extends Sanctuary Offer, Shareholder Approvals Sluggish
Universal Music Group (UMG) has now extended its buyout offer for Sanctuary, a move that follows a somewhat sluggish shareholder embrace. The diversified music company first received the Universal offer of roughly 44.5 million pounds ($88.3 million) in mid-June, though the deal has gained less than one-third approval among shareholders. Potentially cooling support are rumors of a possible bid from private equity group Crosby Capital Partners, a development that emerged just days after the Universal offer.Sanctuary shares have slipped slightly since the initial Universal overture, most recently landing at 19.750 pence (GBX, $.040) on the London Stock Exchange. At the time of the offer, shares were floating closer to 21 pence. The Universal deal, which values the shares at 20 pence ($0.41), also includes the assumption of a large amount of debt. The buyout bid, negotiated through Centenary Music, is now being extended through July 26th.
Story by news analyst Alexandra Osorio.
Fonte: Digital Music News
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