Re: [ARSCLIST] EMI is NOT about to be bought by a private-equity firm

[Steve Abrams <steve.abrams@xxxxxxxxx>]

Update (from the Scotsman, Wednesday)

WARNER Music has decided against making a takeover offer for British rival 
EMI, two days before a deadline to submit an offer.

The British company had agreed to a £2.4 billion takeover deal from private 
equity group Terra Firma in May, thwarting a seven-year flirtation between 
EMI and Warner, although the US firm was set a deadline this week by the 
Takeover Panel on counter bidding for the firm this time around.

However, insiders believe that Warner bosses see the deal as too expensive 
and have pulled out of making a bid ahead of the deadline - although Warner 
has insisted that it "reserves the right" to make an offer or to participate 
in any takeover bid for EMI by someone other than Terra Firma.

The news comes as new figures showed that Warner, which is based in New 
York, now has the third-largest share of the global recorded music market 
behind Universal and Sony BMG.

Warner had a market share of 13.8 per cent - up from 12.8 per cent in 2005 - 
while EMI dropped to a share of 12.8 per cent from 13.6 per cent in 2005.

Many EMI shareholders have been waiting to see if Warner would come forward 
with a more lucrative offer.