Hipgnosis Songs Fund Agrees to Improved Blackstone Offer

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.

Write to Ian Walker at [e-mail]

(END) Dow Jones Newswires

04-29-24 0232ET