Wednesday's tender deadline for the proposed 4.7 billion bucks buyout of EMI Group by the Terra Firma private equity group found only 3.53% of the outstanding shares had been tendered. Apparently most shareholders are still waiting to see if Warner Music Group will come up with a topper bid (6/12/07 RBR #114). With little other choice, Terra Firma has now extended its tender offer until July 4th.
SmartMedia observation: The other choice for Terra Firma, though, is to walk away. If Warner Music Group doesn't get its act together and actually make a bid, EMI shareholders could be left with no buyer. EMI's stock has been trading above the Terra Firma offer price, but the price could plunge if there is suddenly no bidder at all.