Private equity group Terra Firma has succeeded in its bid to buy music firm EMI, the BBC has learned. Ninety percent of EMI shareholders agreed to the £2.4bn takeover offer by the UK company, controlled by buyout specialist Guy Hands.
This means the remaining shareholders are now obliged to accept the 265p-per-share offer. EMI's artists include Joss Stone, Lily Allen, Coldplay, Robbie Williams and the Chemical Brothers.
The bid had been repeatedly extended, but eventually shareholders were given until 1300 BST on Wednesday to decide. EMI had also attracted interest from Warner Music, which had a previous bid rejected earlier this year.
The board of EMI first agreed to be bought by Terra Firma on 21 May. One of the world's big four record companies, EMI has seen sales decline dramatically over the past year. In May, it said that it had made a £260m loss in its latest financial year.
Like all record companies, it has been hit by the trend for more digital downloading of music, while a number of high-profile album releases have badly disappointed. EMI announced a radical restructuring plan earlier this year, resulting in the loss of hundreds of jobs in both Europe and the US.
Source: Various
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