Maybe we could just give Sir Eric Nicoli and Edgar Bronfman. Jr. drag cars for a quicker game of chicken. According to EMI, the latest round started June 14, when the UK company received an unsolicited offer from Warner Music that was deemed “wholly unacceptable” at 315 pence per share (aboput 4.6 billion) and was rejected unanimously by the board.
—On June 23, EMI revised its May proposal to acquire Warner, offering $31 a share based on multiple pre-conditions.
— On June 27, Warner told EMI it was rejecting the new proposal and made a revised counteroffer of 320 pence per share. (About the same based on changes in exchange rates,) That’s been rejected by the EMI boar, which still insts the $31 per share is the right number.
BTW, please don’t read this in Australia, Canada or Japan—the press release outs the three countries off limits
NYT:  “... efforts to hammer out an accord now appear to hinge on who would dominate the combined entity. The talks pit the chairman of EMI, Eric Nicoli, against the chief executive of Warner Music, Edgar Bronfman Jr., the former Seagram executive who spoiled Mr. Nicoli’s last effort to buy Warner Music by amassing a consortium to buy the unit himself in 2003 from Time Warner.  “
WMG release |