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Blackstone Says Its June 3 Offer for Hipgnosis Songs Fund Is Final
Blackstone says its latest Hipgnosis Songs Fund offer is final. The offer was for $1.31 per share, valuing share capital at $1.584 billion.
Blackstone doesn’t intend to increase its latest offer to acquire Hipgnosis Songs Fund (HSF), the London-listed investment trust it first launched a takeover bid for on April 20. Analysis of shareholder data by The Financial Times shows that hedge funds known to trade on takeover targets have acquired “well over” 25% of HSF’s shares, raising the possibility that Blackstone’s offer will fail to reach the minimum 75% approval threshold when shareholders vote on the proposal at HSF’s July 8 general meeting. Launched as a pure-play investment in the safety of classic music copyrights, HSF was hit by a stagnant share price that hurt its ability to raise cash for additional acquisitions.
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