EMI Responds To WMG Pullout
July 18, 2007 at 7:42 AM (PT)
As ALL ACCESS reported YESTERDAY (NET NEWS 7/17), WARNER MUSIC GROUP decided TUESDAY not to make an offer to buy EMI. In response to that, EMI has released this statement:
EMI GROUP PLC notes the announcement made earlier today by WARNER MUSIC GROUP CORP. that it does not intend to make an offer for EMI.
The Board of Directors of EMI, which has been so advised by GREENHILL, continues to consider the terms of the Offer made by MALTBY LIMITED, a company formed at the direction of TERRA FIRMA, to be fair and reasonable. In providing advice to the Board of Directors of EMI, GREENHILL has taken into account the commercial assessments of the Directors of EMI.
Accordingly, the Board of Directors of EMI continues to recommend unanimously that EMI Shareholders accept the Offer, as the Directors have already done in respect of their own beneficial holdings of 1,086,832 EMI Shares, representing approximately 0.13% of the existing issued ordinary share capital of EMI.
EMI Shareholders are encouraged to accept the Offer as soon as possible and no later than 1p (LONDON time) on the closing date of 19 JULY 2007.