The deal values each Hipgnosis share at £0.93, a premium of roughly one third the royalty fund’s shareprice at the close of trading on Wednesday.
In a statement issued early Thursday to the London Stock Exchange, the deal values each Hipgnosis share at £0.93, a premium of roughly one third the royalty fund’s price at the close of trading on Wednesday.
Compiled by the board’s lead independent adviser, Shot Tower Capital, the report found that Hipgnosis Song Management, run by Hipgnosis founder and music manager Merck Mercuriadis, materially overstated the fund’s revenue and earnings before interest, taxes, depreciation and amortization and supported catalog acquisitions with financial analysis that failed to meet “music industry standards.
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