Warner Music, the world’s fourth-largest recording company, is preparing a takeover bid for British music giant EMI, and says that the offer will likely be cash only. Warner and EMI have danced around each other for the better part of a decade, with each attempting to acquire the other at various times. “A merger of the firms would create a firm with about 25% of the global recorded music market,” and regulatory concerns could derail any attempt at joining the companies.