Bids for EMI suggest that the British music company could fetch more than $4 billion (2.5 billion pounds), the Financial Times said on Wednesday. The FT said, citing people familiar with the matter, that first round offers from more than 10 groups had spanned a range from just over $3 billion to closer to $4 billion. A purchase price of about $4 billion would allow Citigroup (C.N) to recoup about three-quarters of the money it lent to Guy Hands' ill-fated private equity takeover in 2007. Sources cited in the FT said a price tag of more than $4 billion was "aspirational" and the final price would depend on whether the business was sold as one, or split between publishing and recorded music. The first-round bids, placed in the past few days, have raised expectations that Citigroup, which seized EMI in February, could realize more than the $3.3 billion that rival Warner Music was sold for this year.
Citigroup Inc. (Citigroup) is a global diversified financial services holding company. Shares of C fell by 3.74% or $-1.44/share to $37.04. In the past year, the shares have traded as low as $36.30 and as high as $51.50. On average, 39185100 shares of C exchange hands on a given day and today's volume is recorded at 41064776.
