Mergers and Acquistions News
Categories: Media & Information Services
October 17th 2011, 14:38PM
Higher takeover offers from suitors look set to be needed if Citigroup is to agree to the sale of UK-based music firm EMI.
That is according to a report published today (October 17th) in the Financial Times, which has gained the views of sources close to the prospective deal who told them any agreement is still some way off being finalised.
At present, an auction for the company is taking place between BMG Music and a joint venture launched by the estate of Michael Jackson and Sony, but individuals involved have revealed that second-round bids were closer to $3 billion (£1.9 billion) than the wanted price of approximately $4 billion.
Last week, it emerged that Citigroup had decided to sell the firm in two separate parts of recorded music and song publishing.
However, the sources told the Financial Times that this decision has not yet been made completely and the process remains fluid. 
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