Report: WMG Bid On EMI Could Come Today
March 1, 2007 at 5:49 AM (PT)
BRITAIN's DAILY MAIL reports WARNER MUSIC is about to turn the heat up on takeover target EMI, as management is putting the finishing touches to a £2bn bid that could come as early as today.
Sources close to the situation indicated that WARNER's board met on TUESDAY night to "dot the i's and cross the t's" on an offer for its BRITISH rival, which could see it pay up to 260p a share. EMI shares were unchanged at 240¾p.
Another source said WARNER's bid was "potentially" imminent, but noted the situation was changing by the hour. EMI's on-off merger partner was back in touch on JANUARY 24, three weeks before the BRITISH music group released a second profits warning so far this year.