Concord Stands Firm on $1.25 Per Share Bid for Hipgnos Amidst Blackstone’s Increased Offer and Call Option Dispute

In response to Blackstone’s increased offer for Hipgnos Songs Fund, Concord has announced that it will maintain its original proposal of $1.25 per share. This comes after Blackstone’s offer of $1.30 per share, which exceeded Concord’s initial bid and secured the support of Hipgnos’ board. Notably, Blackstone also holds a call option to present a higher offer for Hipgnos’ portfolio should their current management arrangement come to an end. However, the Blackstone proposal is separate from this arrangement. Hipgnos, established in 2018 by experienced music executive Merck Mercuriadis, initiated a strategic review following a contentious shareholder vote last year. The latest developments follow a dispute between Hipgnos and Blackstone’s management arm, HSM, regarding the call option. (Source: Reuters)