Former EMI boss linked to takeover

EMI’s former chief executive Jim Fifield was today reported to be planning a counterbid for the beleaguered music label, just days after Terra Firma unveiled an agreed offer for the firm.

US-based Mr Fifield, who quit the group in 1998, is said by the New York Post to be in the final stages of preparing a rival bid of around 278p-a-share, with the backing of private equity firm Corvus Capital.

The offer would value the group at around €3.68bn, trumping the 390c-a-share deal tabled by financier Guy Hands’ private equity outfit, although Terra Firma’s bid included another €1.17bn to cover EMI’s debt.

An offer from Mr Fifield would not be the first time the US-based former music group boss had made a play for EMI, according to the report.

He was rumoured to have been working on a bid earlier this year with the Qatari royal family, but reportedly walked away in February just before EMI issued a profits warning.