EMI Group's brief flirtation with a potential new private equity owner has finished, at least for now. In a brief statement issued this morning (Dec. 14) to the London Stock Exchange, the music major confirmed that discussions on a potential buyout "have now ceased."

EMI's board "has not received an offer that fully reflects the prospects for and value of the company and which it could recommend to shareholders," the company explained.

Following the announcement, stock in EMI dropped by 7.74% to 277 pence.

Ongoing speculation that EMI was being targeted for a takeover became official on Nov. 28 when the London-based firm announced it had received a preliminary approach which "might or might not lead to an offer being made for the company."

Although EMI never identified the interested party, it is understood that private-equity group Permira Advisers was circling. Other media reports have also mentioned Goldman Sachs Group and Kohlberg Kravis Roberts as potential bidders.

EMI has been frequently propositioned by rivals and private equity firms in recent years. In July, EMI and Warner Music shelved plans to merge in light of a European Union court decision to overturn approval of the rival Sony BMG joint venture. The previous month, EMI rejected a £2.5 billion ($4.9 billion) approach from Warner Music.