Warner Music Faces Bid Deadline

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A Thursday deadline has been set by Britain’s Takeover Panel for receiving offers for music company EMIT Group Plc from rival Warner Music Group Corp and former EMI Chief Executive Jim Fifield.


Last month, EMI agreed to be acquired by London-based private equity firm Terra Firma Capital Partners Ltd. for $4.1 billion. Warner has been mulling another bid since.


EMI and Warner have attempted to buy each other four times in the past seven years. The most recent offer came in March, with EMI rejecting Warner’s $4.1 billion bid.


In late May, Fifield, who ran EMI for ten years, said he was also considering a bid, though his financial backers, Corvus Capital, pulled out of the deal.


The Takeover Panel, a U.K. regulatory body similar to the Federal Trade Commission, said Monday that the Thursday deadline was firm.

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