EMI heads suitors for Chrysalis
EmptyEMI Group chairman Guy Hands has made a bid for U.K. independent music group Chrysalis.
Published reports said Friday that there also have been rival indicative bids from Warner Chappell and Sony/ATV as well as interest from several private-equity funds and music publishers.
Chrysalis founder and chairman Chris Wright announced a review of the business last year, which could result in the sale of the company.
Chrysalis' music-publishing arm has the rights to such artists as David Bowie, Gnarls Barkley and Athlete, and it recently signed a worldwide deal with former Smiths guitarist Johnny Marr. Chrysalis also owns the Echo label and the international wholesale distribution business Lasgo Chrysalis.
The company sold its radio business in July for £170 million in order to focus on its music companies. Chrysalis said last month that it was in preliminary discussions with "select parties" that could lead to an offer. Shares of Chrysalis increased nearly 11% on Friday.
EMI declined comment. A spokesman for Chrysalis did not return calls before press time.
Andre Paine is a correspondent for Billboard.