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Hedge Funds Plan Low-Level Bid For EMI

LONDON (CelebrityAccess MediaWire) — Two hedge funds are reportedly planning a bid for EMI Group Plc, at a lower price than the rejected offer from Warner Music Group last March, according to the Sunday Telegraph.

EMI rejected Warner’s $4.1 million bid proposal, saying the agreement was inadequate and would involve regulatory uncertainty.

Cerberus Capital Management, along with L.P. and Fortress Investment Group LLC, hope EMI will accept a “significant” discount to Warner’s proposal because their bid would not carry any regulatory risk.

Sources close to EMI told the paper that Warner Music has told the company that their 260 pence per share offer remains on the table.

EU regulars are re-appraising the 2004 deal that created Sony BMG, and the European Commission has until July 2 to either approve the deal or deny it.

The decision is crucial for EMI, as it too could face similar scrutiny if it opts for a merger with Warner Music Group. –by CelebrtiyAccess Staff Writers