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Emi Concedes Defeat in Battle with Consortium for Time Warner Business.
Knight Ridder/Tribune Business News, November, 2003
Daily Mail, London Knight Ridder/Tribune Business News
Nov. 25--Speculation that EMI would itself become a takeover target intensified after a consortium led by former Seagram boss Edgar Bronfman Junior won the battle for Time Warner's music business.
EMI chairman Eric Nicoli conceded defeat after its third attempt to buy the world's fourth-largest music group failed.
Warner opted for the $2.6 billion (UKpound 1.5 billion) cash bid by Bronfman and his allies, believing it had a better chance of gaining regulatory approval.
Nicoli said: "We have concluded that it is no longer possible to reach an agree-ment on terms that would be acceptable to both parties and in the interests of EMI's shareholders."
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