$4.7 Billion Private Equity Buyout Wins Support at EMI

$4.7 BILLION PRIVATE EQUITY BUYOUT WINS SUPPORT AT EMI
[SOURCE: New York Times, AUTHOR: Jeff Leeds]
The music company EMI Group, which has been the subject of takeover speculation since the 1990s, said yesterday that its board supported a new $4.7 billion offer from a private investor, Terra Firma Capital Partners. EMI, which is based in London and releases music by the Beatles and Coldplay, said it would recommend the offer to shareholders. EMI said the enterprise value of the company was $6.3 billion, including debt. If approved, the acquisition by Terra Firma, a private equity company started in 2002 by the financier Guy Hands, would take EMI off the market at a time when the company has been delivering poor financial results and industrywide CD sales are plummeting. The sale would be a setback -- though perhaps a temporary one -- for the Warner Music Group.
http://www.nytimes.com/2007/05/22/business/media/22music.html
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* EMI scores $4.7B offer from private equity firm
http://www.usatoday.com/printedition/money/20070522/1b_emi22.art.htm