Citigroup to seek EMI bids by end of month
By CMU Editorial | Published on Thursday 7 July 2011
According to Bloomberg, Citigroup will next week distribute information about EMI to potential bidders for the British music major, with a view to taking initial offers from interested parties at the end of the month, or maybe early August. Bloomberg adds that the US bank now hopes to have a buyer pretty much in place by the end of the summer.
Of course, there have been rumours that Citigroup has been in informal talks with possible suitors for EMI ever since the bank repossessed the music company from equity group Terra Firma back in February. However, last month’s announcement that Citigroup was now formally reviewing its options regarding the music firm was a sign more formal sale proceedings were now underway. That announcement last month said the possibility of a recapitalisation or an IPO would also be considered, though an all out sale seems most likely.
As previously reported, BMG and new Warner Music owners Access Industries are likely to bid for some or all of EMI, as are other majors Sony and Universal, and some of the other consortiums who unsuccessfully bid for Warner, in particular the one led by the Gores brothers.