Concord Music has confirmed the withdrawal of its takeover offer for Hipgnosis Songs (SONG) after being outbid by Blackstone.
The stock exchange announcement on Thursday (16 May) follows the firm's statement on 9 May that its latest $1.25 per share offer for the trust would not be increased upon. Concord's decision followed an increased bid by Blackstone of $1.30 per share in late April, valuing the fund at more than $1.57bn, which was unanimously recommended by the board to shareholders. Concord sticks with $1.51bn offer for Hipgnosis Songs Fund The bidding war for SONG began in mid-April when Concord, through the Apollo-backed Concord Chorus, launched an opening bid of $1.40bn, or $1.16 per share for t...
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