Reuters- Two hedge funds are planning a bid for music group EMI Group at a level below a 260 pence per share indicative offer that Warner Music made in March and which was rejected, the Sunday Telegraph said on Sunday.
EMI said Warner’s $4.1 million (2 million pound) bid proposal was inadequate and would involve regulatory uncertainty.
However, Cerberus Capital Management along with L.P and Fortress Investment Group hope EMI will accept a “significant” discount to Warner’s proposal because their bid would not carry any regulatory risk.
