Warner 'considering raising EMI offer'

LONDON - Warner Music is considering raising its offer for EMI Group to 340 pence a share, or £ 2.7 billion ($8.2bn) in total, The Times newspaper said on Friday in an unsourced report.

The bid follows a 2.5 billion offer by Warner last month, which EMI rejected while sweetening its own offer for Warner to $31 a share.

EMI's board is understood to believe fair value for EMI is closer to 400 pence a share, the newspaper added.

Warner declined to comment, while EMI was unavailable.

- REUTERS