The multi-billion dollar two-way takeover battle between EMI and Warner Music has intensified in the past 24 hours after both music groups rejected sweetened bids from the other. EMI branded Warner's latest offer "wholly unacceptable".

The takeover battle has been raging since UK group EMI had an initial approach for Warner worth $4.4bn (€3.5bn) rejected in early May. Warner responded by making a rival takeover proposal worth 315p per share for EMI a month later in a move that valued the UK company at £2.5bn (€3.6bn). EMI rejected the approach.