Fifield & WMG Pull EMI Offers. Stockholders Urged To Accept Terra Firma Offer Before Looming Deadline
Former EMI CEO Jim Fifield has said that he will not make an offer for the label group siting in part the looming Thursday deadline. This prompted EMI to issue a statement rebutting Fifields assertions. Late yesterday Warner Music Group issued a statement yesteday to shareholders that it would also not be bidding at this time.
With the clock counting down to tomorrow's deadline, EMI's board also issued a statement urging shaleholder to accept the only remaining offer from investment firm Terra Firma.
"Accordingly, the Board of Directors of EMI continues to recommend unanimously that EMI Shareholders accept the Offer, as the Directors have already done in respect of their own beneficial holdings of 1,086,832 EMI Shares, representing approximately 0.13 per cent. of the existing issued ordinary share capital of EMI."
"EMI Shareholders are encouraged to accept the Offer as soon as possible and no later than 1.00 p.m. (London time) on the closing date of 19 July 2007."