Warner Music Group Offers Non-Binding Proposal To EMI Group
EMI Group plc announces that it has received a non-binding proposal from Warner Music Group indicating that WMG might be prepared to make an offer, pre-conditional on regulatory clearance, of 260 pence per share in cash for EMI, subject to numerous assumptions and conditions.
At a regular Board meeting of EMI held earlier today, WMG's proposal was considered by the Board which concluded that it is not in the best interests of EMI shareholders to entertain a pre-conditional offer which would entail prolonged regulatory uncertainty and unacceptable operational risk at a critical time for the Company. The Board also regards a price of 260 pence per share as inadequate, having regard to the stand-alone value of EMI, the synergies available from a combination with WMG and the risks identified above.
There can be no certainty that the approach by WMG will lead to an offer being made for the Company or as to the terms on which any offer might be made. As required by The Takeover Code, EMI confirms that this announcement is not being made with the agreement or approval of WMG.
EMI remains focused on maximizing the performance of the business including implementation of the restructuring program announced on 12 January 2007.
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