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Hipgnosis Songs Fund Board Likes Blackstone’s ‘Possible’ $1.5 Billion Bid

The board of directors of the music royalty say they would switch their support from Concord's bid to the private equity giant's offer if Blackstone makes it official

Blackstone said on Saturday (April 20) in what it called a “possible offer” that it was prepared to bid $1.24 per share, or roughly $1.5 billion, all-cash for the troubled music royalty fund, which represents a 8.7% premium over the stock’s last closing price. The London-listed fund that owns rights to songs by Neil Young, Journey, Lindsey Buckingham, Blondie and other artists has seen its share price plummet as its portfolio value was slashed and investor dividends were cut. That proposed deal, made public on Thursday (April 18), valued each Hipgnosis share at £0.93 ($1.14), a premium of roughly one third the fund’s prior-day closing price.

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