Blackstone to make improved bid for Hipgnosis, Sky News reports (updated)

Hipgnosis Songs Fund

28/04/2024 15:47

(Adds more from the report and background)
       April 28 (Reuters) - Private equity giant Blackstone
 BX.N  is preparing to lodge an improved bid for Hipgnosis Songs
Fund  SONG.L  which owns the music rights of artists including
Shakira and Blondie, Sky News reported on Sunday. 
    Blackstone's bid will trump independent music company
Concord's proposal of $1.25 per share, the British broadcaster's
report said, adding that Blackstone will lodge its improved bid
as early as Monday.
    Blackstone declined to comment on the report while Hipgnosis
deferred to Blackstone on a request for comment by Reuters.  
    The report comes after Nashville-based Concord sweetened its
bid for Hipgnosis on Wednesday to $1.25 per share, slightly
higher than Blackstone's previous proposal of $1.24.
    Blackstone had made its fourth and latest proposal last
weekend, valuing Hipgnosis at $1.24 per share in cash. 
    A Blackstone deal would see more than 65,000 songs,
including tracks by Red Hot Chili Peppers and Neil Young, added
to Blackstone's portfolio, which includes songs by Justin Bieber
and Justin Timberlake. 
    The takeover battle for Hipgnosis comes as the fund, founded
by industry veteran and ex-CEO Merck Mercuriadis in 2018,
started a strategic review last year after a shareholder vote
against the continuation of the fund led to a board overhaul and
a portfolio revaluation. 

 (Reporting by Akanksha Khushi in Bengaluru; Editing by
Alexandra Hudson and Andrew Cawthorne)
 ((Akanksha.Khushi@thomsonreuters.com;))