Warner Music Group is still in negotiations to buy EMI.
In a statement issued in New York overnight, Warner "confirms that it continues actively to consider an offer for EMI Group plc. Such an offer would be pre-conditional on appropriate anti-trust clearances being obtained (or the pre-conditions waived) but not subject to any other pre-condition".In May, EMI announced the intended takeover of the company by Maltby Limited, a company formed by consortium Terra Firma.
As the Warner intention is once again made public to shareholders, Terra Firma today announced a cash tender offer to EMI shareholders totaling $243,343,000.
EMI directors agreed to the negotiations from Terra Firma on May 21, with the magic cash number equaling the principal amounts of Bonds issued in 2 October 2003.
The offer is equal to 265 pence cash per share.
The tender offer from Terra Firma kicked in today initiating the renewed interest from Warner for the company.
The Warner statement pointed out that "tis announcement does not amount to a firm intention to make an offer or pre-conditional offer and accordingly there can be no certainty that any offer or pre-conditional offer will be made".
