p2pnet - rss feed: Warner after EMI. Again.
p2pnet.net news:- Warner Music is still in the game, looking to buy EMI, which was recently acquired by Terra Firma, a private European group.
Any new 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,” says Warner, according to Reuters.
EMI has already agreed to a $4.7 billion cash takeover from Terra Firma,. “but the industry has been waiting to see whether long-term suitor Warner would return with an improved offer” and, “It is currently more likely than not,” the story has an unnamed source saying.
A second anonymous source said Warner would make a decision either this week or early next week, says Reuters, adding:
“Alternatively, Warner could allow Terra Firma to buy EMI and then make an offer to the private equity group for EMI’s recording unit at a later date. The Terra Firma-EMI proposal includes a 24 million pound break clause.
“Terra Firma has sent its offer document to EMI and has said acceptances should be received by June 27.”
EMI is one of the Big 4 music companies which are currently using spurious copyright infringement claims to try to blackmail their own customers into buying over-priced, low quality downloads.
If Warner succeeds in buying EMI, it’ll merely hasten, not prolong, the demise of the already chronically inbred corporate music industry, which has failed to grasp that the tremendous opportunities offered by digital media in the 21st century.
Also See:
Terra Firma - EMI sold for $4.7 billion, May 21, 2007
Reuters - Warner says may make EMI counter-bid, June 11, 2007
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