New Bid On EMI Group?
November 28, 2006 at 6:40 AM (PT)
EMI GROUP said it had received a bid approach, which one newspaper said could be worth $4.8 billion (2.5 billion pounds) or more.
THE FINANCIAL TIMES reports KOHLBERG KRAVIS ROBERTS and GOLDMAN SACHS were believed to be among the potential bidders for EMI. "EMI announces that it has, this morning, received a preliminary approach for the company, which may or may not lead to an offer," the group said in a statement.
Earlier this year, EMI was locked in a $4.6 billion takeover battle with WARNER MUSIC, with each company trying to buy the other. But hopes of a deal were quashed in JUNE when a EUROPEAN court annulled approval of the 2004 merger of SONY CORP.’s SONY MUSIC and BERTLESMANN’s BMG.
The ruling cast doubt on whether an EMI-WARNER deal would get regulatory clearance and the companies abandoned talks until there was more clarity from antitrust regulators.