With no other potential bidders on the horizon, the Terra Firma private equity group has raised its tender tally to 85% of the outstanding shares of EMI Group. But it still needs to get to 90% to take the 4.8 billion buyout of the record company to closing, so the deadline has been extended yet again – to this Wednesday. Back before a British regulator forced Warner Music Group to put up or shut up – and WMG said it would not be making a bid after all – Terra Firma had only been able to get a single digit percentage of EMI shares tendered for its offer, despite the endorsement of the EMI board. Now there are no rival bidders, but it is proving difficult just to locate all of the outstanding shares and have them formally tendered. 90% is a huge barrier to clear, so Guy Hands' Terra Firma will be beating the bushes to find enough of those remaining shares so the deal can close.
