|
Hipgnosis Songs Fund Ltd has agreed to a slightly improved takeover offer from US private equity firm Blackstone Inc, the two companies announced on Monday. Blackstone increases its offer by a penny to $1.31 per Hipgnosis share from $1.30 previously. The increased offer was made despite Blackstone’s only declared rival to buy Hipgnosis, Concord Chorus Ltd, having withdrawn two weeks ago, unwilling to raise its own offer of $1.25 per share. The new offer from Blackstone is worth 105 pence per share and values all of Hipgnosis at $1.59 billion, or £1.27 billion. Hipgnosis shares were up 0.9% at 101.49p early Monday in London. The increased offer was ‘a result of discussions between the Hipgnosis board, Bidco board and their respective advisers and in part reflects Hipgnosis incurring lower adviser fees in respect of the transaction than previously expected’. Bidco is Lyra Bidco Ltd, the acquisition vehicle of funds managed by Blackstone. In addition to the slightly higher price, the acquisition also will be switched to being implemented by means of a scheme of arrangement. Copyright 2024 Alliance News Ltd. All Rights Reserved.
|
