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Tue, 20 Feb 2007 Warner makes new bid for EMI

Consolidation of the music industry continues with Warner/EMI takeover in frame

Jonny Evans

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UK major label EMI has received a third takeover approach from Warner Music.

The new bid to consolidate half of the world's remaining four major labels comes after EMI issued its second profit warning so far this year last week.

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No firm offer is on the table, EMI said, warning investors: "There can be no certainty that this approach will lead to any proposal or offer being made for the company. If a proposal is made, it will be considered with a particular focus on conditionality, the regulatory and operational risk profile, and on valuation in relation to the company’s stand alone value and the value creation available from a combination."

The two companies have been attempting to link up for several years, first in 2000 and again in 2003. Last year the companies also tried for a mutual acquisition, but this attempt was stymied by fear of regulator reaction, following the June 2006 annulment of the SonyBMG merger by a European court.

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