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LONDON (AP) - Music company EMI Group PLC said Friday that it rejected a nonbinding $4.1 billion takeover proposal from Warner Music Group.
London-based EMI, which announced last week that it had been approached by former suitor Warner, said that the 2.1 billion pound, or 260 pence ($5.06) per share offer, was inadequate based EMI's own value and the lack of benefits from joining with Warner.
Shares in EMI closed 4.5 percent higher at 246.25 pence ($4.79) on the London Stock Exchange.
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