Press release
Warner Music not keen on take-over bid for EMI in Britain
The Warner Music Group Corp declared in a statement on Tuesday that they have decided not to make an offer for the acquisition of EMI Group PLC, known as their rival music company. However, they noted that they have secured the right to make such take-over bid later on. The Warner Music, which is based in New York, have reserved their right to be a part of a take-over bid or be able to present an offer to acquire the EMI, which is based in Britain. This reservation was made in consideration to the fact that the offer can be made by someone other than the Terra Firma Capital Partners, which is a private-equity firm.Los Angeles, California, July 20, 2007 – The EMI's spokesperson declared that they offer no comments regarding the announcements of Warner Music. It was in May when the EMI's board of directors recommended for its shareholders to accept a $4.88 billion take-over being offered by the Terra Firma.
Since the board recommendation, Terra Firma gave an extension deadline for EMI to decide on accepting their offer. The most recent deadline set was for July 19, Friday. Still, many of EMI's stockholders have waited to see if Warner Music would present an offer that would be more lucrative than that of Terra Firma's.
The Warner Music, which is home to popular recording artists like Madonna and the Red Hot Chili Peppers had been known to be pondering over putting forward an offer to obtain EMI, which is also a home for equally popular artists namely Joss Stone and Coldplay. Edgar M. Bronfman Jr. is the Warner's chief executive and chairperson is the heir to the liquor fortune, Seagram.
During the past seven years, these two companies leading in the music and recording industry have discussed about creating a merger in an on-and-off basis. The repeated discussions were usually hindered during several instances due to regulatory indecision and failure to agree on the price.
During the most recent round of discussions last March, Warner put in an offer for $4.2 billion. This bid was rejected by EMI. Consequently, two months later, they accepted the offer made by Terra Firma, which was put forward by the firm's financier, Guy Hands.
The Terra Firma's take-over medium, Maltby Ltd. announced during the past week that they have received acceptances for about 3.82% of the share capital issued by EMI under their take-over offer.
EMI considered the offer made by Terra Firma as the best among the other proposals they have received.
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