Music giants in takeover tug-of-war

Music giant EMI and US rival Warner Music were locked in a takeover tug-of-war today as both companies battled to take control of each other.

EMI – home to Coldplay, Gorillaz and Robbie Williams – said today it had rejected a 320p-a-share offer from Warner which valued the company at €3.67bn.

The Warner bid came in response to a €3.64bn offer from London-based EMI, which the US firm rejected last night as the two companies traded blows with a series of takeover proposals.