Blackstone Says Its June 3 Offer for Hipgnosis Songs Fund Is Final
The private equity giant is sticking to its offer of $1.31 per share, which values Hipgnosis Songs Fund’s share capital at $1.584 billion.
The private equity giant is sticking to its offer of $1.31 per share, which values Hipgnosis Songs Fund’s share capital at $1.584 billion.
This paves the way for Blackstone to add the London-listed catalog company to SESAC, MNRK and other music companies in its portfolio.
Concord said on Thursday it would not raise its bid to beat Blackstone’s $1.6 billion offer for the publicly listed music royalty fund.
HSF shares have recently been trading above the latest offer prices, suggesting some investors expect the bidding to continue.
The Nashville-based company is now offering $1.25 per share, a penny more than Blackstone’s possible bid, and says it wants to sell 30% of the fund’s assets.
As Concord and Blackstone vie to acquire the embattled song fund, Merck Mercuriadis’ future with its investment adviser remains unclear.
The board of directors of the music royalty fund say they would switch their support from Concord’s bid to the private equity giant’s offer if Blackstone makes it official.
The private equity firm offered $1.24 per share, versus Concord’s $1.14 per share offer issued on Thursday (April 18).
An internal report released by the new board of directors detailed how accounting practices “materially” overstated annual revenue, among other issues.
Shot Tower Capital says inadequate financial analysis and management from the investment adviser led to inaccurate information at multiple levels.
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