PHILIPS ELECTRONICS CHAIRMAN Cor Boonstra had plenty of callers when he arrived in New York on May 11. Representatives from Seagram and the team of Forstmann Little and buyout company Thomas H. Lee stopped by to discuss their bids for Polygram, home to such recording superstars as Elton John and U2. Polygram's value skyrocketed after Seagram Chairman Edgar Bronfman Jr., who is looking for a major record label to team with Universal Studios, decided against making a bid for recording company EMI because of price. The far better-managed Polygram, which is 75%-owned by Philips, is the only major nonallied record company left. The bids are believed to run upwards of $10 billion--for a company with a current market value of roughly $9 billion.

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