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UK - Terra Firma closer to EMI after further deadline extension

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Terra Firma's quest to secure music publisher EMI experienced another twist over the weekend, when the deadline for shareholder acceptance had to be extended for the third time. Terra Firma now has until Wednesday to meet the 90% acceptance level. Press reports suggest that it is well on the way to securing the ТЃ2.4bn deal.

Sources indicate that Citi, the lead arranger of debt on the deal, was unwilling to accept a lower than 90% shareholder acceptance level amid the recent change in sentiment of the debt markets.

EMI has been courted by several different private equity groups over the past year including Permira and One Equity. Trade rival Warner Music was also thought to be interested in making a bid for EMI but confirmed this was not the case two weeks ago.

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