Hipgnosis is in the spotlight after a bidding war breaks out for the music rights fund

By city and financial reporter

Updated: 9:50 PM April 21, 2024

Hipgnosis shares are in the spotlight after a bidding war broke out for the music rights fund.

US investment giant Blackstone is trying to hijack a proposed £1.1 billion deal with Concord Chorus, offering £1.2 billion for the London-listed company, which owns the back catalog of stars including Shakira.

Shares of Hipgnosis rose more than 30 percent last week when the company accepted Concord Chorus’ offer.

Blackstone – the majority owner of the trust’s investment adviser – said it had made a series of recent proposals across the portfolio.

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The weekend offer was the fourth. Sky News said previous offers ranged between 82p and 88p per share.

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