Terra Firma, the private equity concern, said on June 28 that shareholders of British music group EMI would be given more time to consider take-over offer after Terra secured less than four percent of shares.
British group Terra said that by June 27 - the offer's original closing date - shareholders owning just 3.53 percent of EMI stock had accepted its cash offer worth 3.2 billion pounds (4.7 billion euros, 6.4 billion dollars). The figure includes the 0.13-percent of shares owned by EMI's directors.
Consequently, the proposal has been extended until July 4. "EMI Shareholders who have not yet accepted the offer are urged to do so as soon as possible," Terra said in a statement.
On May 21, the board of EMI accepted Terra's offer and recommended that shareholders back the bid. EMI, the world's third biggest music group, has signed up artists including The Beatles, Madonna and Coldplay. The group, meanwhile, is struggling with sliding sales of compact discs in the United States.
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