Bids for a likely $3 billion buyout of Warner Music Group (WMG.N) are in with the company's board for review over the next couple of days, according to two people familiar with the process. Three parties are known to have put in bids for the world's third largest music company which is home to acts from current stars like Bruno Mars through to music legends like Led Zeppelin. According to three people familiar with process, the bidders include billionaire Len Blavatnik's Access Industries; a joint bid from Tom and Alec Gores' Platinum Equity/The Gores Group; and a pair of separate bids from Sony Corp's (6758.T)(SNE.N) recorded music arm and publishing units in partnership with investor Ron Perelman and Guggenheim Partners respectively. The final round of bidding, which is being handled by Goldman Sachs and AGM Partners, is expected to come in with offers just over $3 billion for the whole company.
Warner Music Group Corp. is a music content company. Shares of WMG fell by 0.41% or $-0.03/share to $7.37. In the past year, the shares have traded as low as $4.00 and as high as $7.90. On average, 559706 shares of WMG exchange hands on a given day and today's volume is recorded at 580607.
Sony Corporation (Sony) is engaged in the development, design, manufacture, and sale of various kinds of electronic equipment, instruments, and devices for consumer, professional and industrial markets, as well as game consoles and software. Shares of SNE fell by 1.25% or $-0.36/share to $28.44. In the past year, the shares have traded as low as $25.85 and as high as $36.97. On average, 1167170 shares of SNE exchange hands on a given day and today's volume is recorded at 670853.
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