Warner Music is a step closer to becoming a division of Access Industries, the privately held chemical, natural resource, and real estate company controlled by Russian-born industrialist Len Blavatnik. Shareholders in the music company this morning overwhelmingly approved Blavatnik’s $3.3 billion takeover offer. The deal, which pays investors $8.25 a share, is expected to close in the third quarter. Investors also approved, on an advisory basis, the controversial “golden parachute” package that guarantees about $16.9 million in equity to CEO Edgar Bronfman Jr and $10 million to Lyor Cohen, the CEO of recorded music. Although they’re expected to stay at the company, they can cash in even if they leave.
By DAVID LIEBERMAN, Financial Editor | Wednesday July 6, 2011 @ 11:16am EDTTags: Access Industries, Edgar Bronfman Jr., Len Blavatnik, Warner Music Group
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This article was printed from http://www.deadline.com/2011/07/warner-music-shareholders-approve-3-3b-takeover-and-golden-parachutes/
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