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EMI Set To Reject $5 Billion Permira Bid

LONDON (CelebrityAccess MediaWire) — EMI Group Plc is expected to reject a potential $4.92 billion bid from private equity firm Permira as being too low.

Permira could make the offer within days, but the music company is not expected to budge on its required price tag.

The equity firm had reportedly planned to offer 310 pence per share, but EMI, home to superstars such a Kylie Minogue, Robbie Williams and Coldplay, is looking for at least 350 pence per share.

EMI said last week that it had received a bid approach and a source familiar with the situation said private equity firm Permira had made contact with the music company. –by CelebrityAccess Staff Writers