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Concord Officially Calls Off Bid for Hipgnosis Songs Fund
Concord officially ends its bid for Hipgnosis Songs Fund, paving the way for Blackstone to add the London-listed catalog company to its portfolio.
Concord confirmed on Thursday it will no longer proceed with its $1.51 billion offer to buy Hipgnosis Songs Fund, giving rival bidder Blackstone a now unimpeded path to acquire the Merck Mercuriadis-founded company and its catalogs of the Red Hot Chili Peppers, Journey, Neil Young and others. Blackstone owns a majority stake in Hipgnosis Song Management (HSM), HSF’s investment advisor. The investment advisor Hipgnosis Song Management advises both that private fund and the public HSF.
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