Vivendi SA Rejects $8.5 Billion Softbank Corp Bid For Universal Music-DJ

Thursday, 18 Jul 2013 02:21pm EDT 

Dow Jones reported that SoftBank Corp offered to pay $8.5 billion to acquire Universal Music but its owner, French media and entertainment conglomerate Vivendi SA rejected the bid. The bid for the music group was made about three months ago. Vivendi spurned the offer because it sees music as central to its strategy. Vivendi is more than a year into a strategy review that has included attempted asset sales, including the ongoing sale of Maroc Telecom and the failed auction of Brazilian telecom unit GVT. 

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