EMI confirms takeover talks

04-05-2007

EMI confirms takeover talks
EMI has admitted it has held talks with potential suitors interested in bidding for the music group.

In a statement, the London-based record label said it had "received a number of preliminary indications of interest" from unnamed bidders.

EMI has been the subject of two takeover bids during the last year, with the overtures of both Warner Music Group and private equity firm Permira Advisers LLP rejected.

"Further to recent speculation, EMI Group plc confirms that it has received a number of preliminary indications of interest to acquire the company," a statement to the stock exchange said this morning.

"There can be no certainty that any offer will ultimately be made. Further announcements will be made if and when required."

Although EMI did not name the potential bidders, JP Morgan affiliate One Equity is thought to be among them.

London-based EMI, which markets music from artists including the Beatles, Coldplay, Lily Allen and Robbie Williams, has seen its profits hit by faltering music sales in the US during the last half-year.


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