Classical Copyright Close To Deal For U.K.'s Boosey

Classical Copyright, a company backed by private equity firm HgCapital, is poised to take over Boosey & Hawkes after declaring a bid that exceeds all previous offers made for the classical music publisher. Classical Copyright on Friday announced that it has made a cash offer worth 215p per share, valuing Boosey at approximately 44.3 million pounds ($74.2 million).

Classical's offer comes almost two years after London-based Boosey-which has a blue-chip catalog of copyrights that include works by Stravinsky and Rachmaninoff-put itself up for sale.

The offer was "unanimously recommended" by Boosey & Hawkes' independent directors.

HgCapital said last month that it was "seriously considering" making a cash offer for London-based Boosey, above the offer of 195p per share that had been made by Regent Street Music (Bulletin, Sept. 11).

"I am very pleased that HgCapital have been able to offer our shareholders additional value over and above the Regent offer, which we already regarded as attractive," Boosey CEO Richard Holland says in a statement.

Under the proposed terms, Boosey would pay an inducement fee of 400,000 pounds ($667,000) to HgCapital should Regent increase its offer. London-based music publishing firm Music Sales, another potential suitor for Boosey, has yet to clarify its position.

Boosey shares closed Friday up 4p to 215p.