A shareholder who lambasted EMI Group's failure to address its share price performance last night has welcomed a fresh takeover approach from rival Warner Music, saying he was in favour of any plan to remove the board of the struggling music group, which has issued two profit warnings in five weeks.

Hugh Hendry, manager of the Eclectica Asset Management hedge fund, which owns almost 1% of EMI, said: "I am in favour of anything that displaces EMI's current board of directors and Warner has the advantage that I can buy its shares and therefore continue to participate in the EMI business."