EMI accept private equity offer
Wednesday, August 01, 2007
For some reason this news leaves me so cold - can't be bothered to write it up beyond... Private Equity buys EMI.
Here is the official gobbledegook:
Recommended cash offer forEMI Group plc by Maltby Limited - a company formed at the direction of Terra Firma Offer unconditional as to acceptances
It was announced on 21 May 2007 that the boards of directors of Maltby Limited (“Maltby”) and EMIGroup plc (“EMI”) had reached agreement on the terms of a recommended cash offer by Maltby to acquire the whole of the issued and to be issued share capital of EMI (the "Offer").
The Offer Document was posted to EMI Shareholders on 30 May 2007. The Board of Maltby announces that the acceptance condition set out in paragraph 1(a) of Part A ofAppendix I to the Offer Document has been satisfied and that the Offer is now unconditional as to acceptances.
The Offer will remain open until further notice.The Conditions set out in paragraphs 1(b) and 1(d) of Part A of Appendix I to the Offer Document (being the conditions relating to the EC Merger Regulation and the US Hart-Scott-Rodino Antitrust ImprovementsAct of 1976) have already been satisfied.
The Offer remains subject to the further Conditions set out inparagraphs 1(c) and 1(e) to 1(i) of Part A of Appendix I to the Offer Document. Level of acceptances and ownershipAs at 12.15 p.m. (London time) on 1 August 2007 Maltby had received valid acceptances of the Offer inrespect of a total of 732,158,295 EMI Shares, representing approximately 90.27 per cent. of the existingissued ordinary share capital of EMI the subject of the Offer.
Accordingly, the acceptance condition set out in paragraph 1(a) of Part A of Appendix I to the Offer Document has been satisfied. Maltby has received acceptances in respect of 1,086,832 EMI Shares (representing approximately 0.13 percent. of EMI’s existing issued ordinary share capital) which were subject to irrevocable undertakings procured by Maltby from the Directors of EMI. As at 1 August 2007, Allianz Insurance plc (which is deemed to be acting in concert (within the meaning ofthe City Code) with Maltby) held 96,600 EMI Shares. Maltby has received valid acceptances of the Offer with respect to all of the EMI Shares held by Allianz Insurance plc.
