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 $1.57 billion takeover by Blackstone, trumping a rival bid from Apollo-backed music company Concord Chorus.

Hipgnosis said Monday that accepting shareholders will get $1.30 in cash for each share held compared with $1.25 under the Concord offer agreed to on April 24, and Blackstone's previously indicated offer of $1.24.

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(END) Dow Jones Newswires

04-29-24 0232ET