Apollo-backed Concord Music has outbid Blackstone with an increased offer to take over Hipgnosis Songs (SONG), valuing the music royalties trust at around $1.51bn.
In a stock exchange notice on Wednesday (24 April), the board said it had agreed to the US-based music rights group's increased all-cash offer to acquire the portfolio at $1.25 per share. The raised offer comes a week after Concord made a cash offer equivalent to $1.4bn to acquire the trust's assets, or $1.16 per share, using minority of equity as well as debt from asset manager Apollo Global Management. Concord's new offer, which represents a rise of around 7.8% on its previous bid, trumps Blackstone's offer to buy the trust's assets for $1.24 per share, or $1.5bn, announced over the...
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