In the 11th hour of the potential sale of EMI, Warner Music Group has decided it wants to look more closely at whether it wants to make a bid, according to several reports in the British press.
Warner Music Group has appointed Alan Munchin of Wall Street investment bankers AGM Partners, to study whether to submit a bid for EMI on the day set as a deadline for the U.K. Takeover Panel.
The Takeover Panel, an independent body that regulates U.K. takeovers and mergers, told WMG that it has until Thursday to decide whether it will submit a takeover bid.
European equity firm Terra Firma has offered £2.4 billion ($4.86 billion) for EMI. That offer is for $5.37 per EMI share. It is believed that for a counterbid to be successful, it would have to be more than 300 pence or $6.07 per share.