Blackstone sweetens offer to acquire Shakira music owner Hipgnosis, Reuters

(Reuters) – Blackstone (NYSE:) has made a potential offer to acquire the Hipgnosis Songs Fund for about $1.5 billion, which would outbid Concord and secure the rights to music from artists including Shakira and the Red Hot Chilli Peppers. sparked a takeover battle for the company that owns the company.

Music rights investment firm Hipgnosis said on Monday it would recommend a higher bid from Blackstone if the world’s largest private equity firm makes a formal offer.

Blackstone’s fourth and latest offering values ​​Hipgnosis at $1.24 per share in cash, Blackstone Europe said in an April 20 statement.

Hipgnosis agreed to a $1.4 billion deal with Concord Chorus last week, with a cash value of $1.16 per share.

“The board and its advisors will continue to provide Blackstone and its advisors with access to confirmatory due diligence to enable Blackstone to announce its firm commitment to make an offer as soon as possible,” Hipgnosis said.