Report: Warner Music Group Left A Better Offer On The Table
May 23, 2011 at 3:48 AM (PT)
When LEN BLAVATNIK's ACCESS INDUSTRIES, the U.S.-based industrial group, entered into a definitive merger agreement to acquire WARNER MUSIC GROUP in an all-cash transaction valued at $3.3 billion (NET NEWS 5/6), WARNER might have left a better offer on the table.
THE NEW YORK POST reports WMG, "passed on a higher offer from a group that included SONY CORP. when it accepted the $8.25-a-share buyout bid from LEN BLAVATNIK, people with knowledge of the music company's auction told BLOOMBERG NEWS."
The report says SONY, working with RON PERELMAN and GUGGENHEIM PARTNERS, offered about $8.50 a share for WARNER. That would be approximately 3% more than the $1.3 billion accepted by WMG.