Hipgnosis Set for Sale to Blackstone as Concord Won’t Raise Bid
This article is for subscribers only.
Concord said its latest offer for Hipgnosis Songs Fund Ltd. is final, ending a bidding war and setting up the song catalog company to be sold to Blackstone Inc.
Concord, which is backed by Apollo Global Management Inc., had offered $1.25 per share, and said in a statement on Thursday that the price will not be increased. That was topped last week by a $1.30 per share bid from Blackstone, valuing the business at about $1.57 billion. After that offer, Hipgnosis’s board unanimously recommended Blackstone’s offer and withdrew its support of the Concord bid.