Ahead of tomorrow's U.K. Takeover Panel deadline, Warner Music Group (WMG) appears to be ramping up its next move for a possible acquisition of EMI Group Plc.

According to reports, WMG has appointed Alan Mnuchin, of Wall Street investment bankers AGM Partners, to examine whether to make new advances for EMI. A Warner Music spokesman declined to comment.

The Takeover Panel, an independent body that regulates U.K. takeovers and mergers, is understood to have advised WMG that it has until tomorrow (July 12) to decide whether it will renew its takeover bid.

Should it step in with a fresh offer, WMG would be challenging the £2.4 billion ($4.86 billion) approach already made by European equity firm Terra Firma and recommended by EMI's board of director.

Terra Firma has extended the deadline for acceptance by the majority of EMI shareholder to tomorrow. As of July 5, it had approval of only 3.56% of EMI shareholders, well-below the required 90%.

If there is still no majority acceptance tomorrow, Terra Firma is prepared to extend the deadline once again to July 26.

Terra Firma's offer amounts to 265 pence ($5.37) per EMI share. For
EMI shareholders to consider its counterbid, industry observers believe WMG would have to hike its offer to 300 pence ($6.07) a share.

EMI shares improved slightly to 269.75 pence a share ($5.46) when the London Stock Exchange opened this morning.