Warner, Cerberus Explored EMI Bid: Report

Warner Music and private equity group Cerberus have explored a two-stage bid for UK music group EMI, the Sunday Telegraph reported, without citing any sources.

Talks were held last week, the paper claimed, although Warner is more interested in launching a solo bid. A joint approach could overcome regulatory hurdles, the Telegraph said. The two groups have been locked in a protracted takeover saga since 2000, which has been held back by regulatory concerns.

EMI last week agreed a 265 pence per share bid from Terra Firma, the buyout vehicle run by Guy Hands.

It rejected a 260 pence approach from Warner in February.