The two companies engaged in attempts to takeover London music firms EMI and Sanctuary both extended their self-enforced deadlines on Friday after reported increased interest in their offers.
As previously reported, Terra Firma, the private equity group bidding for EMI, had already extended their offer several times as the major record company's shareholders proved slow to take up their EMI-board approved share offer. But on Friday they announced that they had now secured commitments that would get them just under 85% of EMI's shares, not far off the 90% target that had been set for Friday's deadline. The equity firm said that the major's remaining shareholders now had until 1 Aug to accept the takeover offer as the suitors push for their 90% or more.
Meanwhile the Universal Music Group, which is bidding to buy struggling cross-sector music independent the Sanctuary Music Group, has also extended its deadline for acceptance of its offer. It too had hoped to have the takeover complete last week, but announced on Friday that it had commitments to sell that amounted to about 43.6% of the company's overall shares. Universal has also separately acquired some of Sanctuary's stock, raising the share capital secured to about 50.5% (obviously you all know what that means so we won't patronise you by explaining it). The major, who are attempting to takeover Sanctuary via their London based Centenary subsidiary, have now extended their takeover offer to 2 Aug in a bid to secure the remaining half of the company.