Updated Trends: BMG To Purchase Chrysalis For £107 Million
BMG music company will be purchasing Chrysalis for £107 million pounds, the officials at BMG management have confirmed this news. Chrysalis is a music publisher and is known to have one of the world’s largest catalogs of Michael Jackson, Blondie and David Bowie. BMG on the other hand is a joint venture music group, which is jointly owned by Kohlberg Kravis Roberts of the US and Bertelsmann from Germany.
BMG has agreed to pay 160p per share, which is relatively 46% higher than the closing price prior to the takeover talks. Resources state that the take over will be taking place in the month of March next year, and it will be having a backing from the shareholders who will be representing 73% of the chrysalis shares.
The Chairman of Chrysalis, Chris Wright has been invited to the board meeting of BMG and will also be the first non executive chairman of its UK branch. According to Mr. Wright, this deal is the end of an old era and positive beginning of new one.