British investment fund Terra Firma has attracted only 3.6% of the capital of British record label EMI with its takeover offer, worth £3.2 billion.
The group, which is proposing 265p per share to EMI shareholders, said it would extend the takeover offer period until July 12 as a consequence.
The Terra Firma bid was accepted by EMI management in May, but since then shares in the group have risen above the offer price, explaining the low take-up.
EMI has also been pursued by music industry rival Warner, which said three weeks ago that it might launch a new bid after failing to convince EMI management with previous attempts.
