Concord Chorus has conceded defeat in its pursuit of Hipgnosis Songs Fund (LSE: SONG), leaving Blackstone victorious in the battle for the music rights investor.
Concord’s final offer of $1.25 per share fell short of Blackstone’s $1.30 per share bid, which translates to a premium of 4% for Hipgnosis shareholders.
Blackstone’s superior offer of $1.57 billion eclipsed Concord’s $1.51 billion attempt, which had itself been an increase from an earlier $1.40 billion bid.
Hipgnosis Songs Fund, known for its acquisitions of music rights from artists like the Red Hot Chili Peppers, will now be acquired by the New York-based investment giant with approximately $1 trillion in assets under management.
Hipgnosis Songs Fund shares were down 2.1% by Thursday lunchtime.
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