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EMI’s offer is thrown out

Posted on: 16 April 2008

Related Category: Media

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Music group Chrysalis tumbled after it rejected a 155p a share bid from EMI, the record label owned by Guy Hands’s private equity firm Terra Firma.

The shares tumbled almost 15 per cent and closed at 115p. In a statement Chrysalis said its board had unanimously rejected the bid because it “significantly undervalues the company”.

It said it would now focus on its music publishing business and be reviewing its non-publishing business assets, which could lead to a sale. The news prompted broker charles Stanley to downgrade Chrysalis shares from “buy” to “add”, and reduce its target price from 150p to 130p However analyst Paul Bates added there were indications that this was a “sale deferred rather than a sale cancelled.” EMl declined to comment.

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