Blackstone has intensified its pursuit to acquire Hipgnosis Songs Fund, the owner of music rights including those of artists such as Shakira and Red Hot Chilli Peppers. The private equity giant has upped its offer to approximately $1.5 billion, surpassing Concord’s bid and setting off a fierce takeover competition.
In response, Hipgnosis, a prominent music rights investment firm, indicated its readiness to endorse Blackstone’s enhanced proposal, should the firm formally present it. Blackstone’s latest bid, the fourth in its series, evaluates Hipgnosis at $1.24 per share in cash, as disclosed by Blackstone Europe in a statement dated April 20.
Just last week, Hipgnosis had struck a deal worth $1.4 billion with Concord Chorus, valuing the company at $1.16 per share in cash. Despite this prior agreement, Hipgnosis conveyed its willingness to engage with Blackstone, granting access for due diligence to expedite the potential offer announcement.
“The Board and its advisers will continue to provide Blackstone and its advisers access to confirmatory due diligence, to enable Blackstone to announce a firm intention to make an offer, as soon as possible,” Hipgnosis stated.
