By Ian Walker


Hipgnosis Songs Fund, home to the catalog of artists such as Neil Young, Shakira and Red Hot Chili Peppers, 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 Wednesday, and Blackstone's previous offer of $1.24.

The fresh Blackstone offer represents a 48% premium to Hipgnosis Songs' closing price of 71 pence a share on April 17, the day before it agreed to the Concord offer.

The Hipgnosis board now recommends the new Blackstone offer and has withdrawn its recommendation of the latest Concord deal.

Hipgnosis shares closed Friday at 103.80 pence and are up 44% over the year to date.

Concord, based in Nashville, Tenn., is an active buyer of music rights, including the catalogs of Phil Collins and his Genesis bandmates Tony Banks and Mike Rutherford. It is owned by Alchemy Copyrights.

Apollo Capital Management agreed to provide financing for the acquisition in the form of debt capital, as well as a minority, indirect equity interest in the Concord-controlled Bidco.

Concord declined to comment when approached by Dow Jones Newswires.


Write to Ian Walker at ian.walker@wsj.com


(END) Dow Jones Newswires

04-29-24 0301ET