Act One: HMV Turns Down Offer HMV rejected the $1.3 billion/762 million pound takeover offer from Permira out of hand yesterday: “The Board has concluded that the proposal undervalues HMV Group. As such, HMV Group will not be entering into any discussions with Permira.” Of course this is the traditional way the dance goes. Permira’s opening bid was about five percent lower than initially rumored. (On the other hand, HMV traded on the open market for 25 percent more last fall before their bad earnings report.) Shares will fall again, having risen last month on news of the bid; investors […]
