Concord Chorus Ltd on Thursday said it will not raise its bid for Hipgnosis Songs Fund Ltd, handing victory to Blackstone Inc in its pursuit of the music rights investor.
Concord said its offer of $1.25 per Hipgnosis share is ‘final and will not be increased.’
In response, shares in Hipgnosis Songs Fund slipped 2.3% to 102.20 pence in London on Thursday.
Concord’s decision brought an end to its bidding war for Hipgnosis with Blackstone.
Late last month, New York-based investment manager Blackstone said it will pay $1.30 in cash for each share in Hipgnosis, around 104 pence.
That $1.57 billion bid was a premium of 4.0% to Concord’s own $1.51 billion offer, worth around 101p per Hipgnosis share. Concord had raised its bid from an initial $1.40 billion in a bid to thwart reported interest from Blackstone.
Hipgnosis Songs Fund, is a London-based music investment company, which has bought up the royalty rights to song catalogues of artists including the Red Hot Chili Peppers, Journey and Neil Young.
Blackstone has around $1 trillion in assets under management. It has assets in sectors including real estate, public debt and equity and life sciences.
Copyright 2024 Alliance News Ltd. All Rights Reserved.