Shares in Warner Music Group Corp. soared nearly 9 percent Wednesday after the music label said it was not making an offer to acquire rival EMI Group PLC.

The New York-based company, which has significant office in Burbank, has been mulling making another bid for its British rival for the past few months. The two have courted each other with mergers, failed takeovers bids and buyouts for the past seven years, none of them materializing. EMI now only has the lone takeover bid from private equity firm Terra Firma Capital Partners for $5 billion to evaluate.

Warner did say, however, that it reserves the right to make an offer or to participate in a takeover bid for EMI with an entity other than the private-equity firm.

EMI’s board recommended in May that its shareholders accept Terra Firma’s takeover offer, rejecting Warner’s latest $4.2 billion offer the company made in March.

Shares in Warner closed up $1.23, or 8.9 percent, to $15 in trading Wednesday on the New York stock Exchange.