Troubled music corporate EMI has accepted a bid from private equity group Terra Firma in a bid to draw a line under its recent troubles.
The music group released its full-year figures yesterday, which revealed a bottom line loss of £264m, compared with a £118m profit last year. These came on the back of two profit warnings declared earlier this year as its net debts looked set to rocket to £1.25bn.
Terra Firma snapped up EMI for a mere 265p a share - an embarrassing 17% less than it turned down from Warner Music last summer and 15% lower than it was offered by private equity rival Permira last December.
Both companies were rejected, in the latter case because - according to chief exec Eric Nicoli - it did not 'fully reflect the value of the company'.
Speculation has been generated in the City that Terra Firma will look to streamline the management, putting the position of CFO Martin Stewart into question.
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