Warner Music Rejects EMI’s $4.2 Billion Takeover Bid

Reacting to reports that a bid was in the works, EMI said in a press release Wednesday that it had approached Warner Music on Monday in connection with a plan to buy the company for $28.50 in cash and EMI stock. But the offer, which carries a value of about $4.2 billion, was rejected the following day, EMI said.