Concord Music has confirmed it will not improve its $1.51bn (£1.21bn) offer for Hipgnosis Songs after a bidding war with Blackstone.
The bid was trumped by Blackstone’s latest counteroffer of $1.57bn on 29 April.
As a result, the Hipgnosis board withdrew its recommendation for the Concord offer, instead urging shareholders to accept the revised bid from Blackstone.
The bidding war first broke out on 18 April, after Concord Music initially offered $1.4bn for the entire issued share capital of the music rights trust.
Blackstone then launched a first counteroffer on 22 April, before Concord raised their own offer $1.51bn.
At close last night (8 May), Hipgnosis Songs’ share price had risen 44% over the last month.
See also: J O Hambro sells 14.9m Hipgnosis shares
