Corvus won't challenge Hands' EMI bid

Geneva-based Corvus Capital Inc. said Wednesday that it does not intend to make an offer for U.K. music company EMI Group plc. Following speculation in the New York Post, Corvus said that it had actively considered making an offer for EMI and had access to the necessary funding to do so. On Monday, EMI agreed to an all-cash takeover offer from Guy Hands' private equity firm Terra Firma Capital Partners Ltd., valuing the struggling British music company at £2.4 billion ($4.7 billion). Following that announcement, Corvus said that it no longer has intention to make an offer for EMI. —Phineas Lambert

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