Warner Music Group has rejected an EMI bid of $4.23 billion and issued this press release today:

"Warner Music Group Corp. recently received a preliminary non-binding proposal from EMI Group Plc. The Warner Music Group Corp. board of directors has carefully evaluated the proposal in conjunction with the company's outside legal and financial advisors. The board has determined that the proposal is not in the best interests of our shareholders and has unanimously rejected it."

An offer of $4.23 billion works out to $28.50 per share, or about $1.20 over yesterday's closing price.

The NY Times, as Coolfer mentioned last night, is reporting that EMI's offer tops $5 billion. Reuterrs reports CNBC also reported that $5 billion offer figure.