London, Nov 24: Music Company EMI Group PLC said today it has withdrawn its offer for the purchase of Time Warner's recorded music business. “We have concluded that it is no longer possible to reach an agreement on terms which would be acceptable to both parties and in the interests of EMI's shareholders,'' Eric Nicoli, EMI chairman, said in a statement.
EMI entered non-exclusive discussions with Time Warner on September 22 about the possible purchase of Warner Music's recorded music division. While EMI did not say how much it was offering, published reports have said EMI has offered about USD one billion in cash plus a stake of about 25 percent in a merged company.
Bureau Report