Lyra Bidco, a wholly-owned Blackstone company, has increased its offer for Hipgnosis Songs Fund (SONG) to $1.31 per share, pushing the total consideration to just over $1.58bn.
The revised bid comes following conversations with the SONG board and partly reflects the lower-than-expected adviser fees accompanying the transaction. When converted to GBP, the 105p per share offer (£1.27bn) represents a 49% premium to SONG's 17 April share price, a 55% premium to the volume-weighted average price for the one-month period to 17 April and a 59% premium to the volume-weighted average price for the three-month period to 17 April. Double counting forces Hipgnosis to further slash portfolio value If approved, SONG shareholders will be able to opt to receive their cas...
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