Warner Music Group rejects EMI approach for acquisition

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.