And talking of companies called EMI, stock in the EMI Group slipped yesterday following a report in the Observer on Sunday that the London based music company was about to make another offer to buy Warner Music Group, increasing its bid from the $28.50 a share it offered at the start of the month to $30. As previously reported, Warner's main shareholders are expected to push for between $32-$35 a share. EMI are yet to comment on the latest rumours, but a second offer has seemed likely ever since Warner knocked back the original $28.50 a share bid.
In related news, investment firm Thomas H Lee, who own nearly 40% of Warner Music, have denied rumours they are so keen to get out of the major record company that they might do a lone deal with EMI (ie not as part of a package with the other majority shareholders). The also say they have no intention of selling their share to the major's other private equity shareholders, Bain Capital, Providence Equity Partners and Edgar Bronfman Jnr's Music Capital Partners. So that's you told.