Warner To Revise Offer For EMI
The Dance Continues…But Has The Band Gone Home?
Reports are coming in this morning that CEO Edgar Bronfman will revise Warner Music’s offer for the crippled music label EMI. EMI rejected a non-binding offer from Warner Music on March 2 to purchase the company for 260 pence per share on the grounds that it “wasn’t in the best interest of its shareholders and undervalues the company.”
EMI also cited regulatory problems that would arise from such a buyout, and the added expense of battling regulators for pushing it through. EMI, whose sales have tanked last year, has issued two profit warnings since the start of 2007.