MGM Walks Away from Vivendi Bidding

[EUROPA]

http://biz.yahoo.com/rb/030729/media_vivendi_mgm_10.html

LOS ANGELES (Reuters) - Film studio Metro-Goldwyn-Mayer Inc. (NYSE:MGM - News) on Tuesday abruptly withdrew from the auction for Vivendi Universal's (Paris:EAUG.PA - News) U.S. media assets, saying Vivendi's price was too high.
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The move by MGM to drop its $11.5 billion offer narrows the list of declared bidders to four and cuts the chance of higher offers in the auction's second round that, sources close to the bidding have told Reuters, Vivendi wants to wind up by mid-August.....