Blackstone likely winner for Hipgnosis Songs as Concord maintains lower bid
-Apollo-backed Concord said on Thursday it will stick with its offer of $1.25 apiece for Hipgnosis Songs Fund, days after Blackstone in morning trade.
Blackstone, the world's largest private equity firm, had hiked its offer to $1.30 per share or about $1.57 billion in April, above Concord's bid to win Hipgnosis's board backing for the deal. Concord is indirectly controlled by Alchemy Copyrights, which acquired music investor and Hipgnosis's peer Round Hill Music last year. Its publishing arm counts songwriters such as Daft Punk and Mark Ronson on its roster, according to its website.
Both Hipgnosis and its eponymous investment advisor were founded by music industry veteran Merck Mercuriadis, who has managed artists including Elton John and Beyonce.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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