UK - EMI agrees to Terra Firma's £3.2bn offer

EMI's board has agreed to a 265p per share offer from Terra Firma. The bid represents an enterprise value of £3.2bn for the music publishing giant. Terra Firma's agreed offer with London-listed EMI follows a year of speculation about the ownership of the company. Permira considered the business in 2006 and One Equity looked at it earlier this year. Rival US-music company Warner Music Group has also been keen to acquire EMI for several years and may yet launch its own offer and derail the Terra Firma deal.