Concord terminates $1.51 bln offer for Hipgnosis (updated)

Hipgnosis Songs Fund

16/05/2024 16:33

(Adds details and background throughout)
       May 16 (Reuters) - Apollo-backed Concord terminated its
proposed $1.51 billion offer for Hipgnosis Songs Fund  SONG.L 
on Thursday, according to Alchemy Copyrights, which indirectly
controls Concord.
    Nashville-based independent music company Concord's revised
offer was trumped by Blackstone's  BX.N  sweetened $1.57 billion
proposal for the owner of music rights of artists including
Shakira and Blondie.
    Blackstone, the world's largest private equity firm, in
April hiked its offer to $1.30 per share to win the Hipgnosis
board's backing for the deal.
    Hipgnosis did not immediately respond to a Reuters request
for comment.
    
    
    
    
    
    

 (Reporting by Anchal Rana in Bengaluru; Editing by Devika
Syamnath)
 ((Anchal.Rana@thomsonreuters.com; +91 9915609050;))