Shares in independent music group Chrysalis rose 11% to a high of 109.75 pence this morning following news that Guy Hands’ buyout house could launch a bid through EMI, the record company it acquired last summer.

Chrysalis’ founder Chris Wright called for a strategic review of the business last year which resulted in the sale of its radio unit, Global Radio, for £170m in July. The group said on 5 December it was in negotiations with a select number of interested parties over a possible takeover.