Financial Services Industry
Industry: Email Alert RSS FeedEMI to admit defeat in battle for Warner.
Financial News, November, 2003
EMI is likely to admit defeat today in its attempt to buy Time Warner's recorded music business if the US entertainment group accepts details of a last-minute cash offer from a consortium led by Edgar Bronfman Jr, the entertainment mogul.The UK music group, chaired by Eric Nicoli, would then announce that it had withdrawn its [pounds sterling]1bn ([euro]1.4bn) offer and would not be raising it.
Sources close to the six-month battle said that it looked '98%' certain that Bronfman's group, backed by Haim Saban, the billionaire investor, would seal a deal with Time Warner today or Tuesday.
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