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

By Numbers: Hipgnosis owns the back catalog of stars like Shakira (photo)

By Numbers: Hipgnosis owns the back catalog of stars like Shakira (photo)

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.

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