EMI Says No to $4.1B Warner Music Bid

UK-based EMI, the world's third largest record label, has officially rejected a $4.1 billion takeover offer from the world's fourth largest label, Warner Music. EMI on Friday held a board meeting to discuss the "non-binding proposal" and decided it was not good for shareholders.

"The board concluded that it is not in the best interests of EMI shareholders to entertain a preconditional offer which would entail prolonged regulatory uncertainty and unacceptable operational risk at a critical time for the company," EMI said in a statement. Such a deal would have a hard time winning the approval of European regulators.