UPDATED: Former CEO May Offer Higher Bid For EMI.
Sorry Edgar. Sorry Eric. Jim may have the last laugh…
According to today’s NY Post, former EMI CEO Jim Fifield is readying a bid for the company backed by Corvus Capital Investments and an unnamed Cayman Islands bank.
Reportedly the bid will be 278 pence per share and thus higher than the 265 pence per share offered by private equity firm Terra Firma. (Total: $5 billion vs. $4.7 billion) The bid is also likely higher than WMG will be willing to bid.
With Fifield at the helm, at least this bid is led by someone from the music industry.
UPDATE: Corvus has just announced that it will not be making an offer.
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It is remarkable to me that EMI is now in a bidding war. The Terra Firma bid seemed high to me. I wonder how these bidders expect to increase the value of the company, especially in a tanking market. Check out the Ad-Supported Music Central Blog at: http://ad-supported-music.blogspot.com/.