Corvus Out of EMI Running

Update: Corvus Capital had prepared a bid for the troubled music group EMI but has now ruled itself out

“Following press speculation Corvus Capital confirms that it has actively considered making an offer for EMI Group and had access to the necessary funding to do so. However, given the announcement made on 21 May 2007 that Terra Firma is to make a recommended offer for EMI, Corvus Capital now confirms that it has no intention to make an offer for EMI,” Corvus said in a statement to the market on Wednesday.
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Corvus Capital PLC, the Geneva-based company run by businessman Andrew Regan, has ruled itself out a rival bid for EMI Group PLC, market sources told Thomson Financial News.

A report in the New York Post suggested that Corvus and former EMI chief executive Jim Fifield were in the final stages of preparing a rival bid of 278 pence per share for the entire company, which would have topped the agreed 265 pence a share offer from Terra Firma earlier this week. The bid from Terra Firma values EMI at around 2.4 bln stg.

But sources told Thomson Financial News that Corvus “was not interested” in mounting a rival offer.

Corvus' main areas of interest have been focused on the financial services sector. In June 2005, it considered a bid for Royal & Sun Alliance PLC, while financier Andrew Regan is best remembered for his attempt to takeover the Co-op ten years ago.