Newspaper article The Evening Standard (London, England)

Permira 'To Offer [Pounds Sterling]800m for Troubled HMV'

Newspaper article The Evening Standard (London, England)

Permira 'To Offer [Pounds Sterling]800m for Troubled HMV'

Article excerpt

Byline: JIM ARMITAGE

HMV, the troubled music chain and owner of Waterstone's bookshops, was at the centre of takeover speculation today amid reports it had received an offer worth more than [pounds sterling]800 million from venture capitalist Permira.

Permira, whose other retail investments include the New Look fashion chain, is said to have lodged its interest yesterday after reports that it was looking at making a bid. The move is likely to trigger interest from other major private equity players.

HMV's board is set to meet to discuss the offer but is bound to feel the pressure from the slew of aggressive new American shareholders who have recently built up large stakes in the company. It is thought these investors - including Brandes, which now owns 7.3% - have piled in, hoping for a takeover deal.

HMV's shares, which ended last week close to a two-year low, were today forecast by City bookmaker Cantor Index to jump 19p to 1831/2p. They have fallen 7% since the company float on the stock market in 2002. …

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