Friday, March 02, 2007

EMI rebuffs would-be suitor

EMI and Warners would dearly love for us to view their long relationship as one of the great romances of our time, but it's endless sniping, disappointments and failure to consummate makes it more like Frasier and Lilith. Although they, at least, did manage to get into bed together. Perhaps its more Sam and Diane. Whatever ill-considered pairing they resemble, though, it's all gone cold again as EMI's board formally rejects Warners' takeover bid:

"The board concluded that it is not in the best interests of EMI shareholders to entertain a pre-conditional offer which would entail prolonged regulatory uncertainty and unacceptable operational risk at a critical time for the company," EMI said in a statement.

The implication seems to be it's not worth the trouble it'd bring for the size of the offer on the table.