Terra Firma Extends EMI Takeover Deadline

Private equity firm Terra Firma has extended the deadline of its proposed takeover of EMI Group plc.

As we reported last week, Terra Firma have been left as the sole prospective purchasers of the record company after Warner Music backed out.

Terra Firma will now have until August 1st to achieve at least a 90% approval of EMI’s shareholders.

In a statement to the London Stock Exchange this morning (July 30th), the company revealed that they currently have an 84.94% approval.

The statement added, however, that should Terra Firma not achieve the remaining 5% by the August date, that the dealine “will not be extended thereafter and will lapse."

EMI Group plc is home to such artists as Coldplay and The Beatles.