The waiting is over. Warner Music Group announced late yesterday that it will not make a takeover bid for EMI Group. The announcement came after EU regulators had stepped in and activated a legal deadline that required rival bidders to put up or shut up by Thursday, since there is a pending deal on the table for Terra Firma Capital partners to buy the record company for nearly five billion bucks.
So far, only 3.8% of EMI Group shareholders have accepted the Terra Firma offer, which has the backing of EMI's board. That could now increase rapidly, since it is certain that Warner won't be making a topper offer. Warner did leave the door open to bid, should the Terra Firma bid fail and anyone else steps up to bid for EMI.
