EMI has asked potential bidders to submit firm offers by May 23rd.

Warner believes that EMI’s Nicoli is unwilling to sell to Warners Edgar Bronfman. Sources claim Nicoli is likely to PLAY UP the regulatory uncertainty to the board and champion the best of competing offers.

UPDATE: Private Equity Firm Agrees to Acquire EMI for about 2.4 Billion Pounds

Terra Firma Capital Partners the private equity firm, agreed to buy EMI Group in a transaction valuing the record label for the Beatles and Coldplay at about 2.4 billion pounds ($4.7 billion). (Bloomberg)

EMI Revenue (In Billions)

2002 $4.8
2003 $4.3
2004 $4.2
2005 $3.97
2006 $4.1
2007 $3.5 **

Results are due Wednesday.