The clock is still ticking on whether Warner Music Group will bid for EMI to challenge an offer from private equity group Terra Firma. Since EMI, home to artists including Kylie Minogue and Norah Jones, agreed to a 2.4 billion pounds ($4.73 billion) takeover from Terra Firma in May, Warner has left everyone guessing about its next move.

Terra Firma said last week it would extend the period for shareholders to accept its offer to July 4. They could extend it again, said Wachovia Capital Markets analyst Bishop Cheen, who thinks the chance of a counterbid is diminishing over time.

“Time always matters,” said Cheen. “Everything is about how much and when. And as an odds maker, the how much diminishes over time.”

He thinks it makes sense for EMI shareholders for the bid to be extended. “If you are EMI, do you want to get married to the first person who comes along when you think a higher bid could be hanging out there? People have been expecting an extension.”

Media Metrics analyst Laura Martin believes Warner is unlikely to make a bid in the next two weeks with the July 4th holiday in the United States and with next week’s Allen & Co. event at Sun Valley, Idaho, which is typically populated with media execs.

Warner has options. It could make an 11th-hour bid or wait and see if the deadline is extended again. Or it could abandon pursuit of EMI and perhaps try to buy the British group’s recorded music division from Terra Firma at a later date.

(Additional reporting by Yinka Adegoke)