Hipgnosis Songs Fund Board Now Backs Blackstone’s $1.6 Billion Acquisition Bid

Hipgnosis Songs Fund's board of directors now approve of Blackstone's revised $1.6 billion bid for its assets, reversing its stance on Concord's bid.

Songs Fund and raised it a nickel to $1.30 on Monday, potentially putting a capper on a back-and-forth bidding war for the music rights company’s assets.

With Blackstone upping the bid by $0.05, the board now says that “after careful consideration” the revised bid “represents a superior offer for Hipgnosis shareholders” compared to Concord — and now will recommend shareholders to access the new terms.. “Since we started our strategic review, we have been clearly focused on looking at all the options to deliver shareholder value.

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