Sanctuary Cuts Ties With Warner
August 3, 2007 at 5:44 AM (PT)
SANCTUARY GROUP PLC said it has served notice to terminate its option agreement with WARNER MUSIC INC following CENTENARY MUSIC HOLDINGS announcement that its recommended cash offer for SANCTUARY has been declared unconditional.
On JUNE 1, 2005, SANCTUARY entered into an option agreement granting WARNER the rights to distribute all recordings owned or controlled by SANCTUARY, for a period of five years.
The international music group said the option agreement was to be terminated in the event that any person gains control of SANCTUARY by paying to WARNER certain sums.
YESTERDAY, CENTENARY said it has received valid acceptances, or had now acquired, 90.005% or 199.98 million shares in SANCTUARY, and declared the offer wholly unconditional.