British music giant EMI and US rival Warner Music are locked in a takeover tug-of-war, with both companies battling 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 £2.54 billion.
The Warner bid came in response to a £2.52 billion offer from EMI, which the US firm rejected last night.
A combination of EMI and Warner would create the world's third-biggest music company behind Universal Music and Sony.
