Who Is Trying To Buy EMI?

I got this short and somewhat cryptic press release from EMI this morning:

EMI Group plc (‘EMI’ or the ‘Company’) has noted the recent movement in its share price.

EMI announces that it has, this morning, received a preliminary approach for the Company which may or may not lead to an offer being made for the Company.

A further announcement will be made if required.

This kind of announcement is required of any public company when approached by a serious outside buyer:

Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of the Company, all "dealings" in any "relevant securities" of the Company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction.

Is the potential buyer Warner Music Group as it was a few months ago? That deal went cold in part because of European regulatory review of the Sony BMG merger. No conclusion on that has been reached by regulators; so the new potential buyer is probably a non-music company. Analysts believe that the offer comes from a private equity firm according to Bloomberg and other sources.

Stay tuned...

Full press release after the jump.

News Release

for immediate release

ER 06/103

Statement re preliminary approach

London

, 28 November 2006

EMI Group plc (‘EMI’ or the ‘Company’) has noted the recent movement in its share price.

EMI announces that it has, this morning, received a preliminary approach for the Company which may or may not lead to an offer being made for the Company.

A further announcement will be made if required.

# # #

Contact: Jeanne Meyer, EMI New York, 212.786.8850 or 917.816.5773

Dealing Disclosure Requirements

Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of the Company, all "dealings" in any "relevant securities" of the Company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of the Company, they will be deemed to be a single person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of the Company by the offeror or the Company, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel’s website at www.thetakeoverpanel.org.uk.

"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the Code, which can also be found on the Panel’s website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.

EMI Group plc 27

Wrights Lane

London

W8 5SW

Tel +44 (0)20 7795 7000 Fax +44 (0)20 7795 7001

Registered Office: Address as above. Registered in

England

No. 229231

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