Concord ends its bidding war for Hipgnosis Songs Fond, with Blackstone poised to take over this summer.
Concord surprised Blackstone and the broader market on April 18 when it announced it had the unanimous support of HSF’s directors to take over the troubled music royalty fund for £0.93 , a bid that valued the company at $1.402 billion.
Concord once raised its offer to $1.25 per share, but Blackstone stole the board’s endorsement when it made it a superior offer that valued the company aton April 29. Concord said Thursday that its last offer was final and will not be increased, effectively bowing out of the bidding war.
Blackstone already owns two other entities under the Hipgnosis name — the private music assets investment fund Hipgnosis Songs Capital and the the An option in HSM’s contract effectively makes Hipgnosis Songs Fund Blackstone’s to lose. The option, which dates back to the fund’s initial public offering in July 2018, stipulates that the entity that Blackstone owns could match any take-over offer for the fund’s assets, a clause intended to give artists confidence their song rights and royalties would not frequently change hands.
HSF’s board will meet in June and is expected to hold a shareholder vote to approve Blackstone’s bid, with a deal ultimately coming to a close possibly in mid-July.Met Gala Photographers’ Stray Kids Ridicule Exposes Need for Greater Cultural Inclusivity in Western EntertainmentKendrick Lamar’s Back Catalog Up 49% Following Weekend of Beef, Drake’s Down 5%. We use vendors that may also process your information to help provide our services.
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