Blackstone To Make Improved Bid For Hipgnosis

Private equity giant Blackstone is preparing to lodge an improved bid for Hipgnosis Songs Fund, which owns the music rights of artists including Shakira and Blondie, reported Sky News.

Blackstone made its fourth and latest proposal last weekend, valuing Hipgnosis, which owns the music rights of artists including Shakira and Blondie, at $1.24 per share in cash. I Photo: Shakira Facebook

Blackstone's bid will surpass independent music company Concord's proposal of $1.25 per share, the British broadcaster's report said, adding that Blackstone will lodge its improved bid as early as Monday.

The report comes after Nashville-based Concord sweetened its bid for Hipgnosis on Wednesday to $1.25 per share, slightly higher than Blackstone's previous proposal of $1.24.

Blackstone made its fourth and latest proposal last weekend, valuing Hipgnosis at $1.24 per share in cash.

A Blackstone deal would see more than 65,000 songs, including tracks by Red Hot Chili Peppers and Neil Young, added to Blackstone's portfolio, which includes songs by Justin Bieber and Justin Timberlake.

The takeover battle for Hipgnosis comes as the fund, founded by industry veteran and ex-CEO Merck Mercuriadis in 2018, started a strategic review last year after a shareholder vote against the continuation of the fund led to a board overhaul and a portfolio revaluation.