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LONDON � Independent music group Chrysalis has become the focus of a bidding war as prospective buyers line up to attempt a takeover.

The second round of bidding for the company closes Tuesday and among those said to be mulling an acquisition are Warner Chappell, Sony ATV and EMI, as well as private equity groups, including a consortium led by former BMG Music Publishing chairman Nick Firth.

Those hoping to buy Chrysalis will likely have to bid in excess of �150 million ($297 million) for the company�s assets, which include the Echo record label, a music publishing arm and distribution company Lasgo.

Chrysalis sold its radio business last year for �170 million ($336 million) and the company�s board is said to be talking to a number of interested parties with a view to selling the rest of the business.

EMI looks to be the favorites to take over Chrysalis as new owner Guy Hands has spoken publicly about the savings that can be made through consolidation.

However, Hands could find himself up against some stiff opposition as Warner and Sony ATV are eager to add to their publishing rosters, while private equity companies will be keen on a deal because of the high profit margins involved in the music publishing business.