Blackstone mounts $1.5bn counterbid for Hipgnosis Songs Fund

Fourth proposal

Blackstone has launched a counteroffer for Hipgnosis Songs Fund (SONG), offering a 6.9% share price uplift on last week’s Concord Chorus offer.

The private assets house, which also owns SONG investment adviser Hipgnosis Song Management (HSM), confirmed its $1.24 per share bid was the fourth proposal it had made to acquire the trust, and marked a "significant increase in value" over the $1.16 Concord offer. It argued the SONG board should work with the manager to "reach agreement on a unanimously recommended firm offer in an expeditious manner", a suggestion the board has noted it would be "minded to recommend". 'The drama may not be over yet': Apollo-backed offer could spark bidding war for Hipgnosis Songs Blackstone also ...