Seagram gets Polygram for less than negotiated

Article Abstract:

Seagram Co. Ltd. is slated to buy the large music company PolyGram NV for $10.4 billion. This price is lower by $200 million than its earlier bid since PolyGram did not perform as expected for its second quarter, jointly noted the Dutch company Royal Philips Electronics NV, which owns 75% of PolyGram, and Seagram. Seagram is also considering an IPO to sell off its juice operation called Tropicana which is worth $3.57 billion, stressed the US Securities and Exchange Commission. In addition, Seagram is venturing into the expanding theme park industry of Europe via its acquisition of 37% of theme park operator Port Aventura SA of Barcelona, Spain, and management control of the property.

Comment:

Is slated to buy the large music company PolyGram NV for $10.4 billion from Royal Philips Electronics NV of the Netherlands

Netherlands, Recorded Music Producers, Record Production, Music producers (Persons), Royal Philips Electronics NV

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Seagram snares PolyGram

Article Abstract:

Seagram Co. Ltd., based in Montreal, Canada, acquired music giant PolyGram NV in a cash-and-stock deal worth US$10.6 billion. The transaction will turn Seagram into the biggest music firm in the world and transform it from a beverage producer with a Hollywood sideline into a full-fledged global entertainment powerhouse. Seagram is also planning to divest its Tropicana Products Inc. juice unit for between C$3.5 billion and C$4 billion in the form of a 100% initial public offering (IPO). Seagram would use the proceeds of the IPO to help pay for the acquisition of Polygram.

Comment:

Plans to divest its Tropicana Products Inc juice unit for between C$3.5 bil and C$4 bil in the form of a 100% IPO

United Kingdom, Foreign operations, Organizational history, Integrated Record Production/Distribution, Records & Tapes, Sound recordings

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