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Hipgnosis Songs Fund Board Backs Blackstone’s Revised Takeover Plan
Hipgnosis Songs Fund's board backs Blackstone's revised takeover plan.
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 $1.57 billion it offered on April 29 as it still needs to secure enough shares voted in its favor to acquire the company. Blackstone said the revised, higher offer came about in part because Hipgnosis incurred “lower adviser fees in respect of the transaction than previously expected.”
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