One of Hipgnosis Songs’ biggest shareholders – J O Hambro – sold more than 14.9 million of its shares in the company since it has received acquisition offers from Concord and Blackstone.
The two firms have been bidding back and forth for the fund over the past three weeks, with Blackstone offering the highest deal of $1.30 (£1.04) per share and Concord lingering behind at $1.25 per share.
See also: Blackstone hits back in Hipgnosis bidding war with £1.26bn counteroffer
Since Concord kicked off bidding on 18 April, Hipgnosis Songs’ share price has soared 48.4%. J O Hambro – which owned 20.5 billion shares in the company, equating to 1.7% of all its shares – may have taken advantage of this leap in price, which had been in decline since late 2021.
It initially sold 14.2 million of its its shares on 3 May before selling an additional 750,000 shares yesterday (7 May).
