Millionaire musical composer Andrew Lloyd Webber may soon be singing all the way to the bank after getting an offer for his Really Useful Group, worth up to $934.2 million.

The man who transformed musical theater with hits like "Cats" and "Starlight Express" has always been happier sitting at a piano than in a board room, and he may get his wish in what could be one of the biggest buyouts in British theater history.

Lloyd Webber's wholly owned Really Useful Group, founded in 1977, is a global entertainment group which stages musicals worldwide, recently released the feature film "The Phantom of the Opera" and has rights to the composer's songs and shows.

"Andrew Lloyd Webber has received an enquiry in relation to the acquisition of some parts of his businesses," a spokeswoman for the composer said Tuesday.

"The process is in its formative stages and no decisions have yet been made."

Sources said the theater impresario had also received a separate bid for four of the 12 West End playhouses currently owned by the Really Useful Theater company -- a joint venture with private equity fund Bridgepoint Capital.

"We are working closely and in cooperation with Lord Lloyd Webber to review options," a spokesman for Bridgepoint said.

Lloyd Webber, 56, staged his first musical in London in 1968 and went on to become one of the genre's biggest names.

His "Phantom of the Opera" is billed as the most successful musical of all time, grossing $3.2 billion worldwide.

ALL OPTIONS OPEN

The Really Useful Theater group runs the largest theater chain in London after it bought 10 venues from Stoll Moss Theatres Ltd in 2000 for 87.5 million pounds in conjunction with another private equity group.

No details of the potential bidders for Lloyd Webber's businesses have emerged but sources said the buyer was likely to be from the entertainment industry.

British media reports have hinted the bidder for the Really Useful Group could be a major U.S. corporation, while the Ambassador Theater Group and Broadway producer Max Weitzenhoffer are said to be among those interested in the four theaters.

The sources close to the deal said all options were being considered, including an option to do nothing.

Times have been hard for London's theater owners, amid reports of a high number of flops and with audiences in the first 11 months of 2004 down slightly on the same period of 2003, according to figures from the Society of London Theater.

But recent openings of hits like "The Producers" and "Mary Poppins" are expected to help boost numbers.

Lloyd Webber has appointed a boutique investment group, Ingenious Media, to give advice, but no investment banks are involved a this stage, banking sources said.

"The Really Useful Group and Really Useful Theatres continue to operate as normal," the spokeswoman said.

(Source: yahoo)

Editor: Donald