Report: Vivendi Turns Down Bid To Sell UMG
July 19, 2013 at 10:24 AM (PT)
In what most certainly would have been the "Big Deal Of The Day" -- not to mention month, year and millennium for the music industry -- the NEW YORK POST reports that Japanese phone conglomerate SOFTBANK offered VIVENDI $8.5 billion for the UNIVERSAL MUSIC GROUP. The offer, made three months ago, was rejected.
However, the bid -- well above UMG's most recent valuation of $6.5 billion -- could spur SONY to divest itself of its music division. Sources indicate that THIRD POINT’s DANIEL LOEB, who has been trying to persuade SONY to the spin off its entertainment assets, will likely, "revive efforts to break away the division in the coming weeks."