Beatles copyright owner shares soar after buyout offer

Round Hill Music Royalty Fund

08/09/2023 08:14

LONDON, Sept 8 (Reuters) - Shares in Round Hill Music
Royalty Fund  RHM.L , which owns the copyrights to work of major
artists such as the Beatles, soared as much as 67% on Friday
after a $496 million buyout offer from Alchemy Copyrights.
    Shares in Round Hill Music were up 64% at $1.125 by 0753
GMT, having hit a record $1.15 earlier on.
    In a note, Jefferies said it expects Alchemy's offer is
"highly likely to be successful" despite coming at a discount to
net asset value.
    Shareholders in Round Hill Music will get $1.15 in cash per
share, a discount of approximately 11.5% to RHM's NAV per share
of $1.30 as of September 8. 
    Shares in rival Hipgnosis Songs Fund  SONG.L , which owns
the copyright to work by the likes of Shakira and Neil Young,
jumped as much as 16.5% to the top of the FTSE 350  .FTLC  and
are on track for their biggest daily rise ever on a positive
read-across, according to Jefferies.
    Jefferies said Hipgnosis "trades on a similar discount, but
is a larger vehicle, with arguably a more iconic music
portfolio."
    

 (Reporting by Lucy Raitano; Editing by Amanda Cooper)
 ((Lucy.Raitano@thomsonreuters.com;))