The Hipgnosis Songs Fund board has not received any better offer as part of its go-shop process following the $440m (£359m) bid for a fifth of its portfolio from Blackstone.
In a stock exchange announcement this morning (24 October), the board of the £897m music royalty trust revealed it was in contact with 17 different parties at the beginning of the process and had signed non-disclosure agreements with eight of them.
However, the board said it had received feedback through the process that many suitors “could not justify” paying a higher price than the offer from Hipgnosis Songs Capital – a Blackstone-owned private vehicle.
Hipgnosis shareholders will vote on both the sale and on continuation at an AGM and EGM on 26 October.
Ahead of the votes, the board announced a strategic review last week (19 October) as it seeks to address shareholder concerns.
As of 10am this morning, the trust’s share price had fallen 3% since the start of trading.