Warner Music Group has decided not to pursue a bid for EMI Group Plc. The company issued a statement late Tuesday indicating it decided not to make an offer but reserves the right to do so in the next six months.

The U.K.'s Takeover Panel demanded that any suitors for EMI Group Plc must make a firm offer by noon Thursday. The Panel, an independent body that regulates the country's mergers and acquisitions, requires all suitors to state unequivocally whether or not they plan to make an offer. Besides Warner Music Group, the Takeover Panel's deadline demand was aimed at drawing out one other potential buyer: former EMI CEO Jim Fifield.

European private equity firm Terra Firma has already shown its card with a £2.4 billion ($4.89 billion) offer originally made in May.