Concord Raises Offer in Fight to Take Over Hipgnosis Songs Fund

Concord raised its Hipgnosis Songs Fund offer, outbidding Blackstone for control of the fund that has rights to songs by Shakira, Journey and more.

— as worth around $1.51 billion. It includes a plan to sell up to 30% of Hipgnosis’ assets within 18 to 24 months of an acquisition, according to a filing with the London Stock Exchange.

HSF’s board of directors unanimously recommended shareholders approve this new bid from Concord, a reversal from Monday when those directors saidan offer from Blackstone equivalent to $1.24 per share if the investment giant made it official. Blackstone’s bid remains a “possible offer,” according to the company’s statement on Saturday .“Concord … remains committed to becoming the new owner of Hipgnosis,” the filing reads.

The new offer presents a 42.6% premium over HSF’s closing share price on April 17, the day before Concord’sbecame public. Any offer will require the support of investors representing at least 75% of the company’s public shares at a court meeting expected to be held on June 10; until that date, additional new offers may still be lodged.

Concord plans to finance the acquisition through a combination of debt and equity, with the majority of the equity financing coming from Concord followed by “minority participation by Apollo Funds.” Apollo will also provide the debt, the amount of which has not been disclosed. Songs Fund over the weekend. The private equity giant owns two other entities under the Hipgnosis name, including a private music royalty fund with its own catalog holdings worth more than $700 million.

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