London - Major record label EMI Group announced that its shareholders have approved a $4.8 billion buyout offer from private equity group Terra Firma.

EMI shareholders had been reluctant to accept the firm's bid, as some were expecting fellow suitor Warner Music Group to raise its offer for the company, but Warner backed out of competition last month.

Terra Firm said that 90.3% of EMI shareholders accepted its bid on Wednesday, adding that it plans to "build on EMI's current position as one of the world's leading music companies and accelerate the development of its digital and online strategy.

Related Links:
http://www.emigroup.com/Financial/Proposed+acquisition/Default.htm

http://tinyurl.com/23x59j (Forbes)

http://www.terrafirma.com