British music firm EMI Group Plc is considering raising its bid for smaller U.S. rival Warner Music Group Corp. to $33 a share from $31, the Observer newspaper said in an unsourced report on Sunday.
London-based EMI and Warner Music are locked in a takeover battle, with each trying to acquire the other to create a combined company that would shrink the industry to three main players.
EMI, home to Coldplay and Robbie Williams, said on Friday it had rejected a 2.5 billion pound ($4.6 billion) cash offer from Warner and that that it had sweetened its bid for the U.S. firm, which features artists including Madonna and Red Hot Chili Peppers, to $31 a share, or $4.6 billion in total, from its original May offer of $28.50. EMI was not immediately available for comment.
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