Warner Music has officially pulled out of the chance to merge or takeover EMI but is keeping a big toe in the water just in case they change their mind.
In a statement issued from New York today, Warner says that "For the purposes of Rule 2.8 of the City Code on Takeovers and Mergers (the "City Code"), WMG reserves the right to announce an offer or possible offer for EMI or make or participate in an offer or possible offer for EMI (and/or take any other action which would otherwise be restricted under Rule 2.8 of the City Code) within the next six months in circumstances where an announcement is made by or on behalf of EMI or a third party (which for the avoidance of doubt includes Mr. Jim Fifield) relating to the making of an offer for EMI by a party other than Maltby Limited."Warner's on again, off again courting of EMI has now gone on for over 5 years but on numerous occasions, Warner has left EMI standing at the altar.
The interesting factor of today's announcement is the part where Warner reserves the right to come back within 6 months and take another peak under its jilted brides dress.
EMI may or maybe not be available 6 months from now. The company is still dating investment firm Terra Firma about a potential marriage.
