the shares don't tumble (just down 2/3 per cent today) and why should they?

After the Sony BMG decision of the EU-court there is no chance for a merger in the next 2 to 3 years.

So the decision to drop the Warner bid (stupid from the very beginning) was the right thing to do.

Just imagine what would have happened if Bronfman and his backers had accepted 31 Dollars for shares which are trading at about 25 Dollars and worth no more than 20/22.

And now the 64.000 Dollar question:
Will Warner drop the EMI bid?