Concord sticks with $1.51bn offer for Hipgnosis Songs Fund

Following higher bid from Blackstone

Concord Music will not increase its bid to acquire Hipgnosis Songs Fund (SONG), it said in a stock exchange notice today (9 May).

The firm said its offer of $1.25 per SONG share, which values the trust at around $1.51bn, is "final and will not be increased". Blackstone ups offer for Hipgnosis Songs Fund to $1.57bn Concord's decision follows an increased bid by Blackstone of $1.3 per SONG share, valuing the fund at more than $1.57bn, on 29 April – a 4% increase from Concord's revised offer. At the time, SONG's directors said they would unanimously recommend Blackstone's counteroffer to shareholders, urging them to vote in its favour at the requisite court and general meetings. A date for the meetings is yet...