Concord withdraws buy offer for Hipgnosis after outbid by Blackstone

(Alliance News) - Concord Chorus Ltd on Thursday said it terminated its proposed takeover offer for Hipgnosis Songs Fund Ltd, after it was outbid by Blackstone Inc in its pursuit of the music rights investor.

Concord last week Thursday said its USD1.25 per Hipgnosis share takeover offer was "final and will not be increased", staying below Blackstone's USD1.30 per share offer back in April, the latter worth around 102.60 pence.

Hipgnosis shares were 0.2% lower at 100.80p each on Thursday afternoon in London.

Blackstone's USD1.57 billion bid was a premium of 4.0% to Concord's own USD1.51 billion offer. Concord had raised its bid from an initial USD1.40 billion in a bid to thwart reported interest from Blackstone.

Blackstone has around USD1 trillion in assets under management. It has assets in sectors including real estate, public debt and equity and life sciences.

Hipgnosis Songs Fund is a London-based music investment company, which has bought up the royalty rights to song catalogues of artists including the Red Hot Chili Peppers, Journey and Neil Young.

By Tom Budszus, Alliance News slot editor

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