Connect with us

CELEBRITY

Private equity group to improve offer for Beyoncé song fund Hipgnosis

Published

on

Blackstone to increase bid to level that would value London-listed group at nearly $1.6bn

A private equity company attempting to take over Hipgnosis has sweetened its offer to value the troubled music rights owner at nearly $1.6bn (£1.26bn) as it attempts to end a protracted sale process.

Blackstone has said it will switch the offer for the Hipgnosis Songs Fund to a “scheme of arrangement deal”, which would require it to meet a higher threshold of shareholder support but could make the takeover quicker if it is achieved.

In an attempt to secure the support of more investors of the company, which owns the rights of artists including Beyoncé, Neil Young, Red Hot Chili Peppers and Justin Bieber, it has increased its offer a share by $0.01 to $1.31, which would value Hipgnosis at about $1.58bn.

The revised offer comes after Blackstone fought off competition for Hipgnosis from the US-based royalties fund Concord Music, which had offered $1.4bn.

If the deal is completed, it would mark the end of a turbulent six years for Hipgnosis, which was set up in 2018 by Merck Mercuriadis, the former manager of acts including Elton John, Iron Maiden, Guns N’ Roses and Beyoncé.

Mercuriadis used his music industry connections to spend millions on the rights to 138 catalogues with more than 40,000 songs but the company ran into problems recently because of rising interest rates and changes to the valuation of its songs.

This resulted in a shareholder rebellion last year, with its investors voting in October against continuing the struggling fund in its then form.

Under the scheme of arrangement deal put forward by Blackstone on Monday, the takeover will need approval from 75% of voting shareholders. The previous arrangement required 55% of all investors to back the deal.

However, once this is met the deal becomes binding across all investors and would make it easier for Blackstone to control all of the shares in issue, regardless of whether a shareholder voted for it or not.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

CELEBRITY1 day ago

Taylor Swift rushed to console Travis Kelce hours after his poor NFL performance in the Falcons game before heading off to her cousin’s wedding… Full story below 👇👇👇

CELEBRITY1 day ago

BREAKING NEWS: Prince William JUST Breaks Silence on King Charles and Shocks Everyone! SEE MORE BELOW 👇👇

CELEBRITY2 days ago

King Charles claims ‘wonderful step-grandfather’ title with THIS nickname

CELEBRITY2 days ago

Kate Middleton helps teen with cancer fulfill ‘bucket list… full story below 👇👇👇

CELEBRITY2 days ago

Taylor Swift and Travis Kelce Are ‘Choosing Not to Dwell’ on Breakup Rumors

CELEBRITY2 days ago

Meghan Markle’s memoir sparks fierce bidding war as she’s set to break up with… full story below 👇👇👇

CELEBRITY3 days ago

Royalty has changed the happiest of Kate Middleton says brother James… full story below 👇👇👇

CELEBRITY3 days ago

Taylor Swift’s reaction to Travis Kelce backlash REVEALED: Singer set to launch ‘MISSION’ after Chiefs star was slammed for AWFUL start to season🥲

CELEBRITY3 days ago

Every title Prince Andrew lost following his involvement with Jeffrey Epstein

CELEBRITY4 days ago

FINALLY THE END! Meghɑn’s US Orchɑrd Brɑnd SHUTS DOWN, Angry Inʋestors Demɑnds Refund ASAP… full story below 👇👇👇

CELEBRITY4 days ago

Taylor Swift shows her generosity as her foodbank donation feeds more than 900 people, She is the most amazing…

CELEBRITY5 days ago

Taylor Swift Still With Travis Despite Being MIA At Last 2 NFL Games

Copyright © 2024 UKfoxnews