Freshfields Bruckhaus Deringer and Clifford Chance (CC) are in pole position to take the lead roles on a £2.5bn bid as private equity houses line up to acquire the music giant EMI.

The company confirmed on 28 November that it had received a preliminary approach, thought to be from private equity house Permira.

A formal bid would hand a major role to Freshfields, which advised EMI on its aborted $4.2bn (£2.3bn) bid for US rival Warner Music earlier this year, which floundered on European competition issues.

Permira is understood to have lined up CC partners Matthew Layton and Jonny Myers, both regular advisers to the buy-out house. Linklaters is also set for a role on the Permira bid, with the firm set to advise debt provider Royal Bank of Scotland.

However, the bid is by no means certain to succeed with EMI, whose artists include James Blunt and Radiohead, expected to push for a higher offer. In addition, a number of top-tier buy-out houses have been linked with the company, among them Simpson Thacher & Bartlett client Kohlberg Kravis Roberts & Co.

Legalweek.com (6 November).