p2pnet - rss feed: EMI, Warner, take-over fight
p2p news / p2pnet: Is it all over bar the shouting? Is the Big Four Organized Music gang about to become the Big Three?
Britain’s EMI and America’s Warner Music are fighting over who’s going to cannibalize who.
“EMI, led by chairman Eric Nicoli, described the 320p-a-share offer as ‘wholly unacceptable’ and said that its own $31-a-share offer for Warner ‘would be very attractive to both sets of shareholders and would deliver compelling value to EMI’s shareholders which is far superior to Warner Music’s revised alternative proposal’,” says The Evening Standard.
EM I has already made two approaches to Warner and a combination between the two firms would, “slim the roster of global music majors down to three, making a new group similar in size to Sony-BMG and Universal Music,” observes the BBC.
“EMI continues to believe that an acquisition of Warner Music by EMI at $31 per share in cash would be very attractive to both sets of shareholders and would deliver value to EMI’s shareholders which is far superior to Warner Music’s revised alternative proposal,” it said, according to Reuters, which adds:
“Warner Music declined to comment.”
Organized Music, currently comprising EMI, Warner Music, Vivendi Universal (France) and Sony BMG (Japan, Germany), is currently trying to sue consumers into buying over-priced, formulaic product, claiming consumers who share music with each other are criminals and thieves.
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Also See:
The Evening Standard - EMI rejects Warner counterbid, June 28, 2006
BBC - EMI rejects Warner takeover bid, June 28, 2006
Reuters - EMI, Warner Music locked in $4.6 bln takeover feud, June 28, 2006
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First they ignore you, then they laugh at you, then they fight you, then you win - Mohandas Gandhi
