UK music giant EMI is considering raising its bid for US rival Warner Music to £2.6 billion as the takeover tug-of-war between the two groups continues.
The move would come just days after EMI - home to Coldplay, the Gorillaz and Robbie Williams - announced it had rejected a 320p-a-share offer from Warner, which valued the London-based company at £2.54bn.
The Warner bid itself came in response to an earlier £2.52bn offer from EMI, which the US firm rejected.Analysts expect the firms to reach an agreement in the coming fortnight, but it was claimed Warner may have to raise its offer to as high as 400p a share in order to be successful.
If the two groups can agree a takeover, the head of EMI's music division, Alain Levy, could net more than £16m.
It is thought he would receive a lump sum severance payment of more than £1m, a further bonus payment and retirement benefits, plus share options that could be £13.4m if EMI were to agree a takeover offer of 350p a share.
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