Warner unlikely to come back with fresh EMI offer this week - report |
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Mon, 05 Mar 2007 08:14
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LONDON (AFX) - Warner Music Group is unlikely to come back early this week with a fresh approach for its London-based rival EMI, according to a report in the Guardian.EMI, the world's third-largest music group, said last week that it had received a 'non-binding proposal' from Warner indicating that the US group might be prepared to make an offer, pre-conditional on regulatory clearance, of 260 pence a share.But EMI, which counts Robbie Williams and Coldplay among its artists, added it would reject such an offer as too low and highlighted the regulatory risk of a merger.The report said that no fresh approach from Warner is expected soon. The Guardian added that the music group will now push for limited due diligence to allow it to find out more about the state of EMI after two profit warnings since the start of the year.r.jones@thomson.comrj/rarCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Warner to make new EMI move - report 