Thu, 25 Nov 2010 | BUSINESS SALE
Odeon is thought to have been subject to a flurry of bid approaches from private equity houses, received by its owner Terra Firma.
Private equity firm Terra Firma, the owner of music group EMI, is believed to have received several expressions of interest in the cinema business, following its founder Guy Hands’s defeat in a New York court battle with Citigroup over the £4 billion takeover of EMI in 2007.
The jury rejected claims that Hands’s former friend Citigroup banker David Wormsley misled him over the acquisition of EMI.
It has since been speculated that Mr Hands may dispose of his company’s assets. Sources close to the situation said Terra Firma has received “tentative approaches” from various private equity outfits, and that Odeon is the “jewel in the crown”.
BC Partners and Canada’s Omers Private Equity both lost out in the recent race to buy cinema group Vue Entertainment, and are thought to now be interested in the possible sale of Odeon.
Cinema chains are proving to be very attractive prospects due to the boost 3D film releases, including Saw 3D and Despicable Me, have given to the industry, which is also trading strongly despite the recession.
Mr Hands bought Odeon and UCI in 2004 for a combined price of £582 million.
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