Two record moguls including a former chief executive of EMI have mounted a challenge to Terra Firma's agreed offer for the music publisher, resurrecting a £2.5bn (€3.7bn) bid that looked doomed when buyout firm Corvus Capital withdrew its backing.

Jim Fifield, EMI's former chief executive, and record executive Charles Koppelman are poised to launch a 278p a share offer for EMI, valuing the company's stock at £2.5bn.