EMI Won’t Pursue Warner Acquisition … For Now

EMI Group’s on-again, off-again pursuit of Warner Music Group is off indefinitely following the annulment of the SonyBMG merger, according to a statement issued today. The EMI board “continues to believe that there are good arguments for regulatory approval of the combination” and that its June 23 offer for $31 a share in cash — rejected handily by WMG — “represented full and fair value for Warner Music.” So between the annulment and the most recent rejection, EMI “has decided not to pursue a combination with Warner Music for the time being.”
— The release had another purpose: explaining why, despite the intense effort to acquire WMG, EMI should be ok on its own including “generating very high growth in digital sales.”

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