Blackstone has again increased the terms of its takeover bid for music rights investment trust Hipgnosis Songs.
Under the revised terms, Blackstone are set to pay $1.31 per Hipgnosis share for a total $1.58bn (£1.27bn) if the deal is approved by shareholders.
The increase of a single cent per Hipgnosis share on its previous offer in part reflects Hipgnosis incurring lower adviser fees in respect of the transaction than previously expected, Blackstone said in a regulatory filing this morning (3 June).
It represents a 49% premium to the 71p per share closing price on 18 April, before Blackstone’s bidding war with Concord Music began.
The offer will now be implemented through a scheme of arrangement, which requires the backing of 75% of shareholders.
The previous Blackstone bid, worth £1.26bn, was unveiled on 29 April. Concord Music then announced it would not improve on its £1.21bn offer for the music rights trust.
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