EMI Shares Fall As Sunday Deadline Looms
Terra Firma needs 90% acceptances by Sunday to guarantee part of its funding from Citi and as of last
Friday had only only 26% after several deadline extensions. Rumors that
the deal might fall through have spooked investors motivating some to submit their acceptance of the deal. The Financial Times speculated that this week’s heavy trading means some stock may not be registered in time for the new owners’ approval of the deal to even count.
Its hard, however, to imagine that either Citi will extend their deadline or Terra Firma will find newer although perhaps more expensive funding. One can only imagine that previously interested parties like WMG and Jim Fifield are watching and ready to pick up the pieces of a failed deal or pick the bones of a completed one.
As of close of the London exchange today the stock had rebounded 1% to 250.24p about in the middle of its 52 week range.