Softbank had $8.5 billion bid for Universal Music rejected

19 July 2013 | Kavit Majithia

Japanese telecoms operator SoftBank reportedly had an $8.5 billion bid to acquire Universal Music rejected by Vivendi, the group’s owner.

According to a report in the Financial Times, a bid was made for the world’s largest music group three months ago but Vivendi rejected the offer because the subsidiary is deemed as central to its strategy.

Media and telecoms conglomerate Vivendi has embarked on a strategy review of all its existing assets, and is presently in the process of selling Maroc Telecom and Brazilian unit GVT.

Both companies have reportedly declined to comment on the speculation.