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HMV’s MAMA offer now unconditional
By CMU Editorial | Published on Tuesday 2 February 2010
HMV’s acquisition of 360 degree music company the MAMA Group is on proper like, following the news that the retailer has secured acceptances of its offer to buy the firm from MAMA shareholders representing 56.4% of the company.
You might not think that is all that significant, but if you did think that, then you’d be a fool. A big silly fool. Because that landmark means that HMV’s offer to buy MAMA is now unconditional. A condition of the original offer made in December was that there was a commitment to sell from enough existing shareholders to ensure HMV at least 50% of MAMA’s stock.
The rest of MAMA’s shareholders have until Thursday to confirm whether they intend to sell, though everyone seems to think that once an offer becomes unconditional completion is pretty much assured.
HMV CEO Simon Fox told reporters yesterday: “I am delighted that our offer for MAMA Group has been successful, and to welcome our new colleagues from MAMA to HMV. The acquisition represents a further significant step for HMV as we continue the transformation of our business begun in 2007. Building on the successful platform created by the formation of our joint venture with MAMA just over a year ago, we will be embarking on exciting new growth plans for the group in live music and ticketing”.
