Warner Music Group waves goodbye to EMI

Warner Music Group (WMG) has said it will not be making an offer to buy-out its rival EMI.

In a dance-off that puts Jane Fonda in They Shoot Horses, Don't They? to shame, Warner had been holding in there for several years to bid for the struggling music firm.

But it hasn't been alone in its attempts to woo EMI into its sizeable bosom. Private equity group Terra Firma has long been in the picture and always looked to be EMI's favoured dance partner.

WMG concluded that it was unable to justify trumping Terra Firma's 265 pence per share bid with an offer of 300 pence per share to buy the firm.

Hot on the heels of the announcement, the EMI board has advised its shareholders to accept Maltby Ltd's (a company formed by Terra Firma) bid, which has a deadline of 1pm (GMT) tomorrow.

More from EMI here, and Jane Fonda, here:

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