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Warner shareholders vote in favour of Access takeover
By CMU Editorial | Published on Thursday 7 July 2011
Warner Music announced yesterday that at a special meeting of the music company’s shareholders the proposed takeover by Access Industries was approved.
The Warner board, which already includes representatives from most of the company’s key shareholders, approved the takeover in May. Access Industries will pay $8.25 per share, which works out at about $1.3 billion. When you take into account the debts Access will also take on as part of the deal, Warner Music is valued at about $3 billion.
The shareholder meeting also approved proposals to pay certain executives handsome bonuses in relation to the takeover. Warner said it now expects Access Industries’ takeover to be completed by the third quarter of 2011.