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LONDON — EMI Group’s stock price plummeted Thursday after the company revealed it has pulled out of takeover talks with a potential suitor — believed to be private equity firm Permira.

The company said, “The EMI board has not received an offer that fully reflects the prospects for and value of the company and that it could recommend to shareholders.”

The price of EMI stock dropped by more than 8% to 275 pence ($5.40) by midday in London as investors cashed in on gains made over the past few weeks following speculation about a multibillion dollar bid for the world’s third biggest music company.