LONDON — Shares of EMI Group PLC, whose artists include Coldplay and Robbie Williams, dropped more than 8 percent Thursday after the music company said it had ended takeover talks with an unidentified suitor.
EMI, which revealed that it was in talks late last month, said it had not received an offer that "fully reflects the prospects for and value of the company" that could recommended to shareholders. EMI did not name the potential bidder, but it was widely believed to be European private equity firm Permira Advisors Ltd. EMI shares were 8.4 percent lower at 275 pence ($5.41) on the London Stock Exchange.
The company was in takeover talks earlier this year with U.S. rival Warner Music Group Corp. about a $4.6 billion deal, but those talks were clouded by a European court ruling annulling earlier approval of the 2004 combination of Sony Corp.'s Sony Music and Bertelsmann AG's BMG. That ruling cast doubt on whether an EMI-Warner deal would receive regulatory approval.
Recommended Comments