Warner Backs Out Of EMI Takeover Bid

Warner Music have said that they have no plans to make a takeover bid for EMI Group plc.

The New York based record company had been expected to make an offer for EMI – who are home to The Beatles and Coldplay - to rival a £2.1 billion offer made by Terra Firma Capital Partners Ltd in May of this year.

It’s reported that in a climate where record sales are dropping rapidly, Warner were weary that any offer would have been subject to regulatory approval by the European Commission, which can take up to a year to attain.

UK based Terra Firma will now have to win acceptance of EMI’s shareholders. So far the firm has only won a 5% approval of shareholders, needing 90% to secure the takeover.