Sources: EMI books open to bidders
Music company EMI Group Plc. has taken the next step in a potential sale. The firm recently opened its financial books so that suitors can perform their due diligence, sources confirmed Thursday. Warner Music Group and several private-equity groups are believed to be in the running for a takeover of EMI. The PE suitors are One Equity, Cerberus Capital and Fortress, according to reports. An EMI spokeswoman in New York declined comment; WMG officials also declined comment. EMI this year rejected a takeover bid from WMG, citing regulatory hurdles, but WMG has since struck agreements with independent record labels to win their support for a potential deal.