Permira considering acquiring His Master’s Voice (HMV)
Latest reports coming in claims that a private equity firm Permira is considering making a takeover approach for His Master’s Voice (HMV). HMV is a leading music and bookseller in the market and the bid can be of as much as 800 million pounds.
The Sunday Times newspaper said in a report that the group has appointed investment bank Merrill Lynch to advise it on a bid for the chain. However, nothing is confirmed until now as no statement has been issued by Permira.
The newspaper however claims that a bid can come as soon as sometime this week itself. HMV itself is said to be interested in taking over bookseller Ottakar. That bid is being investigated currently by the Competition Commission.
HMV however is not doing as well as the sales are down and that has taken its toll on its share price in the stock market.