Vivendi‘s Universal Music Group has rejected Softbank‘s $8.5 billion takeover bid according to the Financial Times which broke the news yesterday (July 18). The Japanese phone giant made the offer three months ago in an effort to acquire UMG.
Vivendi has been under pressure lately to evaluate its holdings according to the report.
UMG completed its $1.9 billion acquisition of EMI last September becoming the world’s largest music label group.
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Sherod Robertson is President and Owner of MusicRow Enterprises. He oversees all operations and develops strategic initiatives for MusicRow magazine, RowFax, and MusicRow's CountryBreakout chart. Robertson previously served as Director of Finance of Arista Records after beginning his career as Vice President of Finance and CFO at Reunion Records.View Author Profile
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