Hipgnosis set for bidding war as Blackstone beats Concord offer - reports
Music rights investor Hipgnosis Songs Fund is now reportedly the subject of a bidding war, as Blackstone this weekend emerged as a rival bidder to challenge an earlier offer from Concord Music.
Blackstone, a private equity group, has prepared a $1.5 billion takeover offer which beats the previous $1.4 billion agreement with Concord Music.
It remains to be seen whether Concord will respond with an improved offer of its own, and investors will be looking out for a stock market statement from the company on Monday in London.
Previously, on Thursday, the Hipgnosis board was recommended the Concord offer.
Hipgnosis has in recent years built a portfolio of music rights including iconic tunes recorded artists like Phil Collins, Blondie and Cyndi Lauper, but has in recent months been under financial strain.
The sale of the company follows a strategic review was launched in late 2023 amid shareholder disquiet and management changes.
Explore Bias
Most media reports balance a focus on the recent troubles of the company, reporting the most recent investor relations announcements, whilst speculating on what may come next should a so-called 'bidding war' emerge for the UK based music investment group.
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- Hipgnosis in takeover tussle as UK music investor says it would accept rival bid - The Guardian
- Blackstone tunes up £1.2bn bid for Blondie music owner Hipgnosis - Sky News
- Blackstone Makes New $1.5 Billion Proposal to Buy Hipgnosis - This is Money / Mail Online
- Blackstone Makes New $1.5 Billion Proposal to Buy Hipgnosis - Yahoo! / Bloomberg
- Blackstone bid for Hipgnosis receives backing from board - Financial Times
- Hopes rise as bid puts hapless Hipgnosis on a premium - CityWire
