Chrysalis, the London-based music company that represents works from the likes of David Bowie, Blondie, OutKast, Johnta Austin and David Gray for publishing and has acts such as Feeder and Morcheeba signed to its recording division, has rejected a 155 pence-per-share cash offer, that would have valued the business at about £104million ($205m), and terminated formal discussions with potential acquirers which included EMI.

Speaking to Billboard.biz after this morning's announcement, Chrysalis Music CEO Jeremy Lascelles declined to identify the company which made the 155p ($3.04) offer and would not reveal what price Chrysalis would have snapped up. But Billboard.biz confirmed that EMI Group and Paris-based Lagardère were among the last bidders for the company. Bug Music, Warner Music Group and Universal Music Group pulled out of the process recently, sources say. Chrysalis sold its radio business last July to Global Radio for £170m ($355.6m) in order to focus on its music companies.

Chrysalis, the London-based music company that represents works from the likes of David Bowie, Blondie, OutKast, Johnta Austin and David Gray for publishing and has acts such as Feeder and Morcheeba signed to its recording division, has rejected a 155 pence-per-share cash offer, that would have valued the business at about £104million ($205m), and terminated formal discussions with potential acquirers which included EMI.

Speaking to Billboard.biz after this morning's announcement, Chrysalis Music CEO Jeremy Lascelles declined to identify the company which made the 155p ($3.04) offer and would not reveal what price Chrysalis would have snapped up. But Billboard.biz confirmed that EMI Group and Paris-based Lagardère were among the last bidders for the company. Bug Music, Warner Music Group and Universal Music Group pulled out of the process recently, sources say. Chrysalis sold its radio business last July to Global Radio for £170m ($355.6m) in order to focus on its music companies.