GO
Loading...

EMI Receives Takeover Approaches

British music group EMI, home to Robbie Williams and Coldplay, said on Friday it had received a
number of takeover approaches, after a report that private equity firm One Equity Partners had joined the list of suitors.

EMI, which rejected a 2.1 billion pound ($4.2 billion) bid proposal from long-time suitor Warner Music in March, declined to say how many approaches it had received or who they were from.

Earlier on Friday, the Financial Times newspaper, without citing sources, said One Equity Partners had approached EMI with an offer that could value the world's third-biggest music group at more than $6 billion.

One Equity Partners, a unit of JP Morgan Chase, could not immediately be reached for comment.

"Further to recent speculation, EMI Group Plc confirms that it has received a number of preliminary indications of interest to acquire the company," EMI said in a statement. "There can be no certainty that any offer will ultimately be made."

EMI has issued two profit warnings this year and is trying to revive its flagging music business with a far-reaching restructuring program.

The music industry has been damaged in recent years by Internet piracy and falling CD sales, but EMI has also suffered from a lack of big hits recently and the poor performance of new releases such as Williams's "Rudebox" album.

EMI and Warner Music, the world's fourth-biggest music group, have been in a tit-for-tat takeover battle for much of the past seven years.

EMI shares closed at 227-1/2 pence on Thursday, well below Warner Music's latest proposal of 260 pence a share, and valuing the business at about 1.8 billion pounds..

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    To learn more about how we use your information,
    please read our Privacy Policy.
    › Learn More

Don't Miss

U.S. Video