Concord said its latest offer for Hipgnosis Songs Fund Ltd. is final, ending a bidding war and setting up the song catalog company to be sold to Blackstone Inc.
Concord, which is backed by Apollo Global Management Inc., had offered $1.25 per share, and said in a statement on Thursday that the price will not be increased. That was topped last week by a $1.30 per share bid from Blackstone, valuing the business at about $1.57 billion. After that offer, Hipgnosis’s board unanimously recommended Blackstone’s offer and withdrew its support of the Concord bid.
Founded in 2018 in London, Hipgnosis bought up song catalogs with the goal of turning music into an asset class, but the fund struggled to recoup its investment in music rights. It owns song catalogs from Blondie, the Kaiser Chiefs and the Red Hot Chili Peppers.
The shares fell 2.1% to trade at 102 pence at the open in London.
Copyright Bloomberg News
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
