Report: Warner Music Group Left A Better Offer On The Table

Did WMG Walk Away From More Money?

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.

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