The sale of Warner Music Group to Len Blavatnik’s Access Industries may have been agreed, but the discussion around it isn’t dying down just yet. Bloomberg reports on an SEC filing that reveals WMG opted for Blavatnik’s offer despite another group offering 3% more than his $1.3 billion deal. The group is referred to as Bidder B Consortium in the documents, but Bloomberg identifies the group as Sony Music Entertainment, Guggenheim Partners and Ron Perelman, saying they were willing to pay $8.50 per share for WMG, as opposed to Access Industries’ offer of $8.25 per share. The documents will be seized upon by critics of the deal as it was done – one shareholder has already filed a lawsuit claiming that the deal undervalued the company.
