Warner Music Group rejects EMI approach for acquisition
May 3rd, 2006 Leave a comment Visited 37 times, 1 so far today
Warner Music Group rejects EMI approach for acquisition
Warner Music Group has confirmed that they have rejected the $28.50-a-share takeover approach from rival music company EMI.
The offer from EMI put the value of Warner Music at an impressive $4.2 billion. Warner has musicians like Madonna and James Blunt working for them while EMI is home to Coldplay and Robbie Williams.
EMI offered this deal in a cash as well as shares option and claimed that the offer would be good value for the shareholders of both the companies.
The two companies have already tried many a times to merge in the past but all these efforts were unsuccessful. However, the earlier offers were made before Warner Music was acquired by Edgar Bronfman Jr. and a group of private equity firms from Time Warner group.
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