Universal Music Group has extended its buyout offer for Sanctuary Group to Aug. 2 after the major admitted its proposal had been cleared by slightly more than half of the independent music firm’s shareholding.
On Thursday (July 26), acceptances had been received totalling more than 96 million Sanctuary shares, or 43.6% of the company’s issue share capital.
UMG on June 15 announced its intention to acquire London-based Sanctuary at 20 pence ($0.40) a share in cash, valuing the company at about ?44.5 million ($87.68 million).
The proposal for the financially-troubled music firm encompasses recorded products, merchandising and artist services including artist management and live agency arms.