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UK music investor Hipgnosis agrees £1.1bn takeover by Concord Chorus
Shares in Beyoncé and Neil Young song fund rise amid hopes uncertainty over its future could be over
Robert Naylor, the chair of Hipgnosis, said: “The acquisition represents an attractive opportunity for our shareholders to immediately realise their holding at a premium, mitigating the risks we see ahead to achieving a material improvement in the share price. “At the same time, the board is confident that Concord, one of the world’s leading independent music companies, is the right owner to take on the Hipgnosis catalogue and manage it in the interests of composers and performers.” However, plans to de-list Hipgnosis from the UK stock market are likely to spark further anxiety across the City and Whitehall, where leaders are concerned that London is losing out to rival exchanges abroad and to firms taking UK-listed companies private.
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