Concord Chorus, the American music rights investor, last night raised its offer for Hipgnosis Songs Fund, to more than $1.5 billion in a battle to beat Blackstone, a rival suitor.
In an announcement after the London Stock Exchange closed Concord Bidco, the takeover vehicle, and Hipgnosis announced that they had reached agreement on the terms of an increased cash offer at a higher price of $1.25 per share for Hipgnosis, which has been unanimously recommended by the Hipgnosis board.
The cash consideration of $1.16 plus a contingent consideration, which was payable in accordance with the terms of the original Concord offer, is simplified into one payment of $1.25 a share. Hipgnosis catalogues include works by Nelly, Blondie, Shakira, Chrissie Hynde, Jay-Z and Red Hot Chili
