CHRONOLOGY - EMI's many attempts at a deal

Mon May 21, 2007 3:18pm EDT
 
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(Reuters) - EMI Group Plc EMI.L, the world's third largest music company, agreed to a 2.4 billion pound ($4.73 billion) cash offer from private equity group Terra Firma on Monday in what could be a final snub to long-term suitor and rival Warner Music Group Corp. (WMG.N)

Following are facts about EMI's bid tussle with Warner Music Group and others. London-based EMI has such artists as Norah Jones and Coldplay, while No. 4 Warner has such top acts as Madonna and the Red Hot Chili Peppers.

The two companies have tried to combine on several occasions in a series of bids and counterbids, but it has not been clear whether any deal would get regulatory approval as the European Commission continues to examine a separate measure by Sony-BMG.

2000 - EMI and Warner first try and merge.

2001 - EMI ends talks with Bertelsmann's BMG.

2003 - EMI reportedly in talks with private equity group Blackstone.

Late 2003 - EMI loses out in auction of AOL Time Warner's (TWX.N) music business, which goes to a group of private equity firms led by former Hollywood mogul Edgar Bronfman Jr, Warner's current chief executive.

July 27, 2006 - EMI and Warner abandon efforts to buy each other, following a European court ruling on the Sony-BMG deal that casts doubt on whether competition regulators would allow further consolidation in the industry.

December 14, 2006 - EMI rejects 2.5 billion pound approach from private equity group Permira.

January 12, 2007 - EMI issues profit warning, axes EMI Music Chairman and CEO Alain Levy and EMI Music Vice Chairman David Munns.

February 14, 2007 - EMI cuts the revenue forecast for its recorded music division, blaming weak U.S. sales, and warns it will miss annual profit forecasts.

February 20, 2007 - Warner approaches EMI, saying it sees strategic, commercial and financial logic in a deal. It secures backing of Impala, the trade group for independent music labels that previously challenged consolidation in the industry. EMI says it has no proposal to consider.

March 2, 2007 - EMI rejects 2.1 billion pound cash takeover proposal from Warner Music, saying price is inadequate and not in the best interests of its shareholders.

May 4, 2007 - EMI says it has received a number of takeover approaches.

May 21, 2007 - EMI says it has agreed to a 2.4 billion pounds cash takeover from private equity group Terra Firma.

 

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