EMI considers acquiring Seagram's PolyGram unit

Article Abstract:

EMI Group PLC, the British music publisher, is considering to buy PolyGram Filmed Entertainment from Seagram Co., the Montreal, Canada-based beverage and entertainment company. EMI, however, warned that its bid remains in the early stages. Seagram is divesting its PolyGram Filmed Entertainment in light of its pending $1--billion purchase of music giant PolyGram NV. The acquisition of PolyGram NV is expected to be completed in later part of 1998. PolyGram Filmed Entertainment is viewed by Seagram as an unnecessary addition to the latter's own Universal Pictures unit.

Comment:

Its PolyGram Filmed Entertainment is being considered to be bought by EMI Group PLC

United Kingdom, United States, Foreign operations, Motion Picture and Video Industries, Motion Picture & TV Production, EMI Group PLC, PolyGram Filmed Entertainment Inc.

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Ovitz Group drops Polygram bid; Seagram remains

Article Abstract:

Ovitz Group, an investment group linked by Michael Ovitz, has decided against pursuing its bid for PolyGram NV. The move leaves Seagram Co. as sole suitor of the big record firm with its $10.5-billion cash-and-stock offer. An official familiar with Ovitz said the record firm was unable to satisfy the return-on-investment criteria set by the two buyout funds which assessed the bid for Polygram. Meanwhile, Philips Electronics IV, which has 75% stake in PolyGram, has calendared a board meeting to discuss the Seagram bid.

Comment:

An investment group linked by Michael Ovitz, has decided against pursuing its bid for PolyGram NV

Investment Companies, Open-End Investment Funds, PolyGram NV, Ovitz Group

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Seagram to pay Philips less for Polygram

Article Abstract:

Seagram Co. is offering $10.4 billion for PolyGram NV, an amount $200 million less than its original offer of $10.6 billion after discovering that the latter will list lower-than-expected second-quarter results. This news is followed by the resignation of Alain Levy as president and CEO of the music giant that is effective immediately. PolyGram's ailing music empire raises new questions about the health of the music industry worldwide, which Seagram CEO Edgar Bronfman Jr. said was recovering in May 1998.

Comment:

Lowered its offer for PolyGram NV to $10.4 billion from $10.6 billion after discovering it will list lower 2nd quarter results

Canada, Liquor, Distilleries, Polygram N.V.

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