Blackstone ups offer for Hipgnosis Songs Fund to $1.57bn

4% higher than Concord’s revised bid

Blackstone has increased its bid to acquire Hipgnosis Songs Fund (SONG) to $1.3 per share in cash, valuing the trust at more than $1.57bn.

The move follows a counteroffer by Apollo-backed Concord Music last week, which increased its original bid to $1.25 per share, valuing SONG at around $1.51bn. Concord Music trumps Blackstone's bid for Hipgnosis Songs with raised $1.51bn offer In a stock exchange notice today (29 April), Blackstone explained its latest bid represents a 4% increase to Concord's revised offer and a 48.1% to Hipgnosis' closing price of 71p per share as of 17 April 2024 – the last business day before the beginning of the offer period. The private equity firm said its latest offer provides "an attractive...