Music rights investor Concord increased its takeover bid for Hipgnosis Songs Fund Ltd. to $1.51 billion, trumping a rival proposal from Blackstone Inc.
Concord has agreed to acquire London-listed Hipgnosis for $1.25 a share, it said in a regulatory filing Wednesday, confirming an earlier Bloomberg News report. That’s up from its previously agreed bid of $1.16 per share. Hipgnosis said its board continues to unanimously recommend shareholders vote in favor of the Concord deal.
The revised bid from Nashville-backed Concord, which is backed by Apollo Global Management Inc., is just above Blackstone’s latest proposal of $1.24 per share. It represents a 43% premium to Hipgnosis’ closing price on the last trading day before Concord’s earlier offer was announced.
Hipgnosis owns song catalogs from Blondie, the Kaiser Chiefs and the Red Hot Chili Peppers. JPMorgan Chase & Co. is advising Concord on the deal, while Hipgnosis is working with Singer Capital Markets and Shot Tower Capital.
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