Following up on their recent approach to Britain's EMI Group, Warner Music Group (WMG) offered them $4.1 billion for the company, which EMi rejected, saying it wasn't in the best interests of its shareholders.
"The board concluded that it is not in the best interests of EMI shareholders to entertain a preconditional offer which would entail prolonged regulatory uncertainty and unacceptable operational risk at a critical time for the company," EMI said in a statement.
EMI held a meeting of their board on Friday when Warner floated the nonbinding proposal to them. They had let EMI know at the end of January that they had an interest and would be prepared to make a bid. Even if all parties agreed to a sale, the chances of European regulaory approval aren't certain by any means.
EMI has felt that they're at a disadvantage in the market be simply being located in England. They seem to be in the position of wanting to be bought out, but are waiting for an offer they can live with, plus legal approval, if that is ever allowed.
The British music company, the third-largest in the world, has said that it seriously consider any bid that is made for the company. Evidently they seriously considered this short of their expectations.
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