Private equity giant Blackstone submitted a $1.5 billion proposal to take over Hipgnosis Songs Fund, rivaling Concord's earlier $1.4 billion offer.
on Saturday , marking a significant escalation in the fight for control of the troubled music royalty fund and its collection of rights to songs byBlackstone is offering $1.24 per share in an all-cash offer that represents an 8.7% premium over the previous day’s closing share price, and is significantly higher than the
Blackstone already owns two other entities under the Hipgnosis name — the private music assets investment fund Hipgnosis Songs Capital and the investment advisor Hipgnosis Song Management — and its bid on Saturday showed the private equity behemoth is willing to flex its muscle to maintain assets under the Hipgnosis umbrella.
Blackstone’s Hipgnosis Song Management, the investment adviser to the public fund and the private fund , has the right to outbid Concord and any other rival bidders to take the fund’s assets private, according to an option in its contract laid out when the fund went public in 2018.The option was created with the sensitivities unique to music rights in mind. Hipgnosis Songs Fund was founded and built by.
In its offer, which references Concord’s bid as $1.16 per share due to fluctuations in exchange rates, Blackstone said it “strongly encourages the board of Hipgnosis to recognise the significant increase in value available to all shareholders under the terms of its Fourth Proposal, over the $1.16 as set out in the Concord Offer, and to work with Blackstone to reach agreement on a unanimously recommended Firm Offer in an expeditious manner.
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