Wed, 20 Jul 2011 | BUSINESS SALE
Potential buyers for music giant EMI have been asked by Citigroup - which took control from Guy Hands earlier this year - to put in their first-round bids by early August. It is thought the sale could generate £3 billion.
EMI is behind acts such as Robbie Williams, Coldplay and Lily Allen.
Bidders are expected to include Len Blavatnik, the businessman who bought Warner Music this year, Universal Music, Sony, and BMG, the private equity-backed music publisher.
The boss of BMG’s parent company, German media group Bertelsmann, confirmed that it may place a bid for EMI, but does not expect to be successful in acquiring a part of or all of the UK-based music group, it was reported.
Bertelsmann chief Hartmut Ostrowski told the Financial Times that he thinks the sale will attract more interest than the recent sale of Warner Music did - in which BMG was outbid.
If a bidding war broke out for EMI, Mr Ostrowski may choose to hone in BMG’s efforts on smaller acquisitions. Purchases of medium-sized rivals would be pursed instead.
It has been speculated that Warner Music, tipped to be a front-runner in the race to buy EMI, might not have the funds available for the purchase due to its substantial debts. A source close to the situation said that Warner would be able to cut enough costs in a tie-up with EMI that the deal would be viable.
This outstanding business is being sold together with its exceptional freehold commercial premises. Also included in the selling price is an adjacent 3 bedroom semi-detached residential property that is currently let on an AST.
FREEHOLD
Under current ownership for the last 25 years, but with a trading history dating back to the 1940s, the company manufactures and sells high-end architectural joinery for new builds and renovations.
The business is well-established and offers its products and services across the region. The vendors now wish to retire, with the business representing an excellent acquisition for an existing operator within a similar sector or a new market entrant.
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.