Hipgnosis Songs (SONG) has failed to attract a superior alternative bid for its proposed music catalogue sale, after a number of parties said they could not justify a higher price than the original offer made by the Blackstone-Mercuriadis vehicle.
The $440m sale of the trust's first portfolio, announced on 14 September, had a 40-day "go-shop" provision, where other potential buyers could put forward alternative offers. Hipgnosis Songs Capital, the initial bidder, would then be offered the right to match it. In a stock exchange notice today (24 October), the board said that following "substantive engagement" with a number of parties, it did not receive a superior offer. Hipgnosis Songs music catalogue sale comes under scrutiny as continuation vote looms SONG was in contact with 17 parties at the beginning of the go-shop, wit...
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