LONDON (CelebrityAccess) — Following the news that private equity giant Blackstone had made a proposal to buy the music IP investment vehicle Hipgnosis Songs Fund Ltd., Concord has increased its own bid to $1.51 billion.
A regulatory filing on Wednesday revealed that Concord has agreed to acquire London-listed Hipgnosis for $1.25 a share. That’s up from its previously agreed bid price of $1.16 per share.
As part of the filing, Hipgnosis said its board members unanimously recommend that shareholders vote to support the bid from Concord.
JPMorgan Chase & Co. continues to advise Concord on the deal, while Hipgnosis is advised by Shot Tower Capital, who provided a new estimate for the company’s portfolio late last year, and Singer Capital Markets.
