EMI shareholders back Terra Firma deal
Terra Firma has won shareholder approval for its takeover of EMI, having today received acceptance from 90.27% of EMI shareholders, giving it the green light to purchase the major.The company had a deadline of 1pm today to win at least 90% backing for the deal, having last Sunday secured a further extension from the UK Takeover Panel after falling short of reaching the target. This had been the fifth time the deadline had been extended after the deal was announced on May 21.
By last Sunday Terra Firma's acquisition vehicle Maltby had secured approval for the 265p-per-share deal in respect of 688,961,516 EMI shares, representing approximately 84.94% of the existing share capital.
Terra Firma has yet to unveil details of its plans for EMI or indicate what its takeover means for the future of EMI Group CEO Eric Nicoli.
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