Terra Firma, the private equity group, said on July 20 that it had secured more than a quarter of the shares in British music publisher EMI in the wake of its take-over offer agreed in May.
It would appear that Terra Firma had secured a large increase in support for its bid worth 3.2 billion pounds (4.7 billion euros, 6.4 billion dollars) after Warner Music Group decided earlier this week not to make an offer for EMI.
Terra Firma meanwhile added that shareholders in EMI, whose artists include The Beatles and Coldplay, would have until July 29 to consider its offer. By July 19, EMI had received valid acceptances representing 26.19 percent of the group's shares. The boards of EMI and Terra reached agreement on the terms of a recommended cash offer on May 21.