Hipgnosis Songs Fund Agrees to Improved Concord Offer as Takeover Battle Heats Up
By Ian Walker
Hipgnosis Songs Fund, home to the catalogue of artists such as Neil Young, Shakira and Red Hot Chili Peppers, has agreed to an improved $1.51 billion takeover by Apollo-backed music company Concord Chorus, trumping an approach from rival Blackstone Funds on Monday.
Hipgnosis said late Wednesday that accepting shareholders would get $1.25 in cash for each share held, up from Concord's previous offer of $1.16 agreed on April 18 and Blackstone's offer of $1.24 that the company had said it would be prepared to recommend to shareholders if a formal offer was made.
The latest Concord price is at a 42.6% premium to Hipgnosis Songs' closing price of 71 pence on April 17, the day before it agreed to the Concord offer.
Concord, based in Nashville, Tenn., is an active buyer of music rights, including the catalogues of Phil Collins and his Genesis bandmates Tony Banks and Mike Rutherford. It is owned by Alchemy Copyrights.
Apollo Capital Management has agreed to provide financing for the acquisition in the form of debt capital, as well as a minority, indirect equity interest in the Concord-controlled Bidco.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
April 25, 2024 01:13 ET (05:13 GMT)
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