Private equity group Terra Firma is the surprise buyer of EMI Group, scooping up the London-based record giant for around 4.7 billion bucks in cash. EMI called the winning bid "fair and reasonable," but some speculators are still hoping for a topper – although it appears that long-spurned suitor Warner Music Group was outbid by Terra Firma. According to the London Times, Terra Firma entered the bidding only about 10 days ago, but moved aggressively to bid 265 pence per share.
Warner Music Group is said to have held firm to its previous bid of 260. Even after the EMI board announced acceptance of the Terra Firma offer, the stock price went up to 271, so someone apparently thinks the bidding is not yet over. Just where a higher bid would come from remains to be seen, since the auction conducted by EMI's board had reportedly attracted three other bidders in addition to Terra Firma and Warner Music Group.