Unknown party seeking EMI

28-11-2006

Unknown party seeking EMI
London-based record company EMI has confirmed that it has received a takeover approach from an unnamed suitor.

The firm disclosed the information to the London Stock Exchange (LSE) after its shares soared ten per cent following media reports that a bid was imminent.

A report in the Financial Times this morning said a consortium led by Goldman Sachs was in the running with an offer said to value EMI at £2.5 billion.

EMI, which has a roster of artists including The Beatles, Coldplay and Robbie Williams, today said: "EMI has noted the recent movement in its share price. EMI announces that it has, this morning, received a preliminary approach for the company which may or may not lead to an offer being made for the company.

"A further announcement will be made if required."

Earlier this year EMI and Warner Music both unsuccessfully bid for the other, but the prospect of a union was essentially quashed after an EU court ruled that the 2004 merger of Sony Music and BMG breached competition regulations.


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