Concord officially ends its bid for Hipgnosis Songs Fund, paving the way for Blackstone to add the London-listed catalog company to its portfolio.
The filing with the London Stock Exchange, which stated that Concord has been released from the terms of its bid, was expected after the Nashville-based music company said it would not raise its offer to compete with Blackstone’sNonetheless, it means the $1-trillion global asset manager Blackstone is poised to take over the groundbreaking publicly traded Hipgnosis fund, adding it to a growing portfolio of music companies that includestakeover bid, which the HSF board endorsed.
But Blackstone not only won the support of HSF’s board of directors with its latest $1.30-per-share bid, the investment giant always had the upper hand due to an option to match or outbid any HSF takeover offer. Blackstone owns a majority stake in Hipgnosis Song Management , HSF’s investment advisor.
Blackstone also owns a private investment fund called Hipgnosis Songs Capital. The investment advisor Hipgnosis Song Management advises both that private fund and the public HSF. Hipgnosis Songs Fund investors will vote on the takeover bid at an upcoming meeting. At least 75% of shares are required to be voted in favor of the deal for it to be adopted.Cher Turns Back Time on Rock and Roll Hall of Fame Slam, Warns She’ll ‘Have Some Words to Say’ At Induction‘Only Murders in the Building’ Season 4 Officially Has a Premiere Date
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