EMI owner Citigroup plans to press ahead with its auction of the music giant even though a number of bidders have lost interest.
Before last week’s deadline there were ten contenders, but it is understood that a number of private equity firms have dropped out.
The involvement of fewer bidders could mean that Citigroup will struggle to reach its target sale price of about $4billion (£2.56billion).
Universal Music, owned by France’s Vivendi, is understood to be a front runner for EMI’s recorded music division…
Warner Music Group’s owner, Len Blavatnik, is considering dropping his bid for EMI Group Ltd. because Citigroup Inc. (C) is taking too long to choose a buyer, a person with knowledge of the bidding process said.
Blavatnik has told people involved in the auction that he may drop his offer in several days, said the person, who requested anonymity because the negotiations are private…