EMI bidder extends offer deadline

Warner has reserved the right to make another bid for EMI

The private equity firm hoping to buy music group EMI has again extended the deadline for its bid by 10 days.

Terra Firma said EMI shareholders now have until 29 July to decide whether to accept its 265p-per-share offer.

The UK equity firm said that 26.19% of EMI investors had so far accepted the offer - up from 3.82% a week ago.

The increase in uptake came as Warner Music ruled out making another attempt to buy EMI, reducing the prospect of a bidding war.

However, Warner did say that it reserved the right to reconsider its position should EMI receive another bid besides the Terra Firma offer.

Terra Firma's bid for EMI values the company at £3.2bn including debt.

EMI's artists include Joss stone, Lily Allen, Coldplay, Gomez and The Magic Numbers.