EMI Shoots Down Warner Music’s Takeover Bid
EMI rejected a £2.1 billion / $4.1 billion cash takeover proposal from Warner Music Group minutes ago, stating the price was not enough and not in the best interests of its shareholders. “The board concluded that it is not in the best interests of EMI shareholders to entertain a pre-conditional offer which would entail prolonged regulatory uncertainty and unacceptable operational risk at a critical time for the company,”...
New EC Probe To Investigate Sony/BMG Merger
The European Commission has launched a fresh probe into the 2004 merger of Sony Music and BMG the EC’s second probe into the deal. It approved the merger in July 2004, but that was annulled by the European Court of First Instance last summer following an appeal by independent music labels saying it was stifling competition and new talent. The Court of First Instance ruled that the first inquiry had involved only an...
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