HMV set for higher bid
03/03/2006 - 07:59:00The private equity firm stalking HMV was today reported to be willing to pay at least £802m (€1.16bn) to secure board support for a takeover.
Permira is understood to have put a revised proposal on the table after HMV, which owns the Waterstone’s book chain as well as a string of music stores, turned down a £762.5m (€1.11bn) indicative offer last month.
According to the Financial Times, the new proposal is worth just over 200p a share and HMV is currently evaluating it with its financial advisers. HMV declined to comment while Permira could not be reached for comment.
HMV has around 200 stores trading under its own name in the UK and an estate of equal size under the Waterstone’s brand, while its operations stretch across Asia and Canada.
