Report: Ten EMI Bids In The $3-4 Billion Range
August 3, 2011 at 3:57 AM (PT)
THE FINANCIAL TIMES reports, "Bids for EMI suggest that the British music company could fetch more than $4 billion, allowing CITIGROUP to recoup about three-quarters of the money it lent to GUY HANDS' ill-fated private equity buy-out in 2007."
Last week (NET NEWS 7/26), ALL ACCESS reported on the first bid received by CITIGROUP for EMI MUSIC, when KKR-backed music publishing venture BMG RIGHTS submitted its bid for EMI on FRIDAY (7/22).
On MONDAY (NET NEWS 8/1), BLOOMBERG reported more than 10 bidders had made offers for EMI GROUP. "SONY MUSIC ENTERTAINMENT, VIVENDI SA’s UNIVERSAL MUSIC GROUP and LEN BLAVATNIK’s ACCESS INDUSTRIES HOLDINGS LLC are believed to be in the running."
THE TIMES notes those bids are believed to be in the $3-4 billion range.
"Some characterised a price tag of more than $4bn as 'aspirational,' but said that the final price would depend on whether the business was sold as one, or split between publishing and recorded music," wrote THE TIMES.