Terra Firma Faces Rival for EMI: Report

Terra Firma's $6.4 billion offer for U.K. music group EMI, received approval from top shareholders Wednesday, according to the Financial Times.

But former EMI Chief Executive Jim Fifield is in the final stages of preparing a 278-pence-a-share offer for EMI, with the backing of private equity firm Corvus Capital, the New York Post reported Wednesday.

The 265-pence-a-share cash offer from Terra Firma was announced on Monday and received the support of EMI’s chairman John Gildersleeve. The company previously turned down a 260p-a-share proposal from Warner Music in February and a 300p proposal from Permira in December, the FT said.

EMI's shares closed up 0.74% at 273 pence a share in London.