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.
Shot Tower Capital says inadequate financial analysis and management from the investment adviser led to inaccurate information at multiple levels.
Mercuriadis will transition to chairman, with Ben Katovsky rising to chief executive as the advisor eyes smoother relations with its publicly listed royalty fund.
The owner of rights to songs by Neil Young, Shakira, Journey and more will hold an extraordinary general meeting to address shareholders’ concerns.
To counteract a call option given to the investment advisor, the board proposed paying prospective buyers a fee of up to 20 million pounds to make bidding for its music assets more appealing.
KPMG will take over the role from Pricewaterhousecoopers, subject to approval by the fund’s shareholders.
KPMG will take over the role from Pricewaterhousecoopers, subject to approval by the fund’s shareholders.
Following last week’s no continuation vote, the fund’s board has six months to form plans to improve share price and stability—and that may include liquidating.
A majority of shareholders of the music royalty fund voted ‘no’ to continuation and rejected a plan to sell rights to songs by Shakira and Barry Manilow.
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