UK major label EMI Group seems set to accept a takeover offer bid from UK private equity investor, Terra Firma.

The company has confirmed that both Warner Music Group and former EMI executive Jim Fifield have withdrawn from the race to acquire the beleaguered music company.

The EMI board is recommending shareholders accept the Terra Firma offer "as soon as possible".

"The board continues to consider the terms of the offer made by Maltby Limited, a company formed at the direction of Terra Firma, to be fair and reasonable," the company said.

The investment firm has since confirmed it has received acceptances for its takeover from 26 per cent of the record label's share capital. (212.4 million shares).

The Terra Firma bid is reportedly valued at £2.65 per share, an approximate valuation of £2.4 billion.