Hipgnosis Songs Fund's board backs Blackstone's revised takeover plan.
Songs Fund , the London-listed company that owns Red Hot Chili Peppers’ catalog, because in a revised takeover plan disclosed Monday it is paying less in advisory fees.
In a joint announcement, Blackstone and HSF’s board of directors said they approved the offer paying $1.31 per share, which raises the overall value of the publicly traded arm of the music investment company to roughly $1.584 billion.While Blackstone beat rival bidder Concord to be in the leading position to take private HSF’s 65,000-song portfolio, it raised its bid from the $1.
The revised plan–formally called a scheme–must receive the support of 75% of shares voted either in person by investors or by proxy at a court meeting. Following that vote at the court meeting, the plan also has to receive a majority of shares voted in its favor at a general meeting. Blackstone and HSF’s board will publish the dates of the meeetings and additional information about the new acquisition scheme by June 14.
With the support of HSF’s board members and a few other shareholders, Blackstone has 0.3% of shares pledged to vote in favor of its offer. The new plan also includes a revision to what’s referred to as the A&R cooperation agreement that states the companies have agreed to cooperate “in certain matters relating to obtaining regulatory clearances in relation to the Acquisition.”
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