EMI Rejects Warner Music Group Bid
March 2, 2007 at 10:22 AM (PT)
EMI GROUP's board has rejected WARNER MUSIC GROUP's 2.1 billion pound ($4.1 billion) takeover proposal, calling the price "inadequate" and not in the best interests of its shareholders.
"The board concluded that it is not in the best interests of EMI shareholders to entertain a pre-conditional offer which would entail prolonged regulatory uncertainty and unacceptable operational risk at a critical time for the company," EMI said in a statement. "The board also regards a price of 260 pence per share as inadequate, having regard to the stand-alone value of EMI, the synergies available from a combination with WMG and the risks identified above."