By Quentin Webb
LONDON, July 19 (Reuters Breakingviews) - The French conglomerate rejected an $8.5 bln bid for Universal Music, the FT says. Vivendi is trying to scale back in telecoms and focus on a ragbag of media assets. But why not aim for a full breakup? Rebuffing this rich offer leaves the company with some explaining to do.
Full view will be published shortly.
- Vivendi rejected an $8.5 billion offer from Japanese telecoms group SoftBank to acquire Universal Music, the Financial Times reported on July 18, citing people familiar with the proposal. Vivendi rejected the all-cash offer for the world’s biggest music group, made about 3 months ago, because it sees music as central to its strategy.
- Vivendi declined to comment on the report. Shares in Vivendi rose 0.95 percent by 0750 GMT on July 19, to 15.36 euros a share. SoftBank completed its $21.6 billion takeover of Sprint Nextel Corp, the U.S. mobile carrier, on July 10.
- FT (subscription required): Vivendi spurned $8.5bn Universal Music bid here#axzz2Z5qpaD26
- Reuters: Vivendi rejected $8.5 bln SoftBank bid for Universal Music –FT [ID:nL6N0FO45Q]
Shoot ‘em up [ID:nL6N0FE1B7]
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own)
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(Editing by Pierre Briançon and David Evans)
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