EMI Reject Warner Takeover
04 May 2006
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Record giant Warner Music has turned down a $4.2 billion (£2.2 billion) buy-out bid by rivals EMI.
EMI has long been courting the label which boasts an artist roster including Madonna and James Blunt and hoped a merger would enable it to compete with Universal and Sony BMG - together they represent 25 per cent of the recorded music market.
But its third attempt has been rejected and talks ended, just a day after EMI made a $28.50 share (£16.30) offer to Warner.
EMI represents artists including Coldplay, Robbie Williams and Norah Jones.
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