Report: Multiple Takeover Approaches Made For EMI
May 4, 2007 at 5:45 AM (PT)
EMI GROUP said it received several takeover approaches, according to a BLOOMBERG report, sending the stock to the biggest gain in five months. Shares of EMI, the world's third-largest music company, rose as much as 9.6%. THE FINANCIAL TIMES said today that ONE EQUITY PARTNERS LLC, the U.S. private-equity firm affiliated with JPMORGAN CHASE & CO., expressed an interest in LONDON-based EMI.
"You can't rule out a private-equity bid," said HENK POTTS, an equity strategist at BARCLAYS WEALTH who helps manage $185 billion. "WARNER MUSIC on their own, or in conjunction with someone else, would be able to pay more for EMI."
EMI has "a number of preliminary indications of interest to acquire the company," EMI said in a statement today.