Terra Firma, the UK buyout firm led by financier Guy Hands, has extended a deadline for EMI shareholders to accept a £2.4bn (€3.5bn) offer for the second time in two weeks, after less than 4% of the UK retailer's investors backed the bid.

EMI shareholders received details of Terra Firma's bid nearly a month and a half ago, but it has yet to receive the support for its offer from more than 4% of the company's shareholders and is giving them a further six days to consider its terms.