Finally, a brass in pocket moment that doesn’t involve Chrissie Hynde. Hipgnosis Songs Fund has got itself two pretenders on the ownership front: Apollo-backed Concord with a recommended $1.4 billion cash bid at $1.16 a share; and the asset manager Blackstone, dangling around $100 million more via a fourth mooted offer at $1.24.
Yet, as ever with this out-of-tune corporate jukebox, things aren’t as simple as they seem — starting with the bid currency. Has neither suitor spotted that the music rights group is a UK-listed outfit, whose shares are priced in sterling? Translate into the stuff with the King’s ’ead on it and an agreed 93p offer is playing a possible 100p, with Hipgnosis shares hitting a higher note still — up 12 per
