Fifield Withdraws From Making EMI Bid
July 19, 2007 at 5:46 AM (PT)
Former EMI MUSIC CEO JIM FIFIELD has withdrawn his interest in making a bid for EMI "due to a lack of time," he said on WEDNESDAY, leaving EMI to be sold to a private equity group.
EMI recommended a 2.4 billion pound ($4.9 billion) cash takeover by private equity group TERRA FIRMA in MAY and the UK Takeover Panel had told possible suitors, FIFIELD and WARNER MUSIC GROUP (WMG.N: Quote, Profile , Research), to declare their intentions by THURSDAY (NET NEWS 7/17).
WMG said YESTERDAY it would not make a bid for the British music group (NET NEWS 7/17).