More gossip regarding the previously reported approach by investment types to buy little ole EMI. As previously reported, insiders say that the investment firm expressing an interest in acquiring the major was Permira, but as also previously reported, it seems quite a few investment houses are eyeing up the music firm, which presumably means city types have some renewed confidence in the long term future of the record business.
As well as Permira, Goldman Sachs and Kohlberg Kravis Roberts & Co, all of whom we reported yesterday had expressed some interest in EMI, HitsDailyDouble say they've heard Apollo Management LP, Credit Suisse, Apax, and Cinven are all possible suitors. All of which possibly means there could be a bit of a bidding war to acquire the major - which might see two or more of those interested clubbing together to purchase it.
This is good news for EMI's current shareholders, who can probably expect to see the major's share price continue to rise as bidders prepare to bid. Possibly less so for EMI's workforce, because it seems that while investment types have renewed confidence in the music business, many feel that there are still economies that could be made at a major company like EMI, economies which would help deliver the quick return on investment. And we all know what "economies" normally means.