Round Hill Music announces timeline for £375m takeover

Agreement for sale to US-based Concord was announced on 8 September

Photo by Diego Catto on Unsplash


Music royalty investment trust Round Hill Music (RHM) has set out the terms for its proposed sale to US music rights firm Concord.

In a stock exchange announcement this morning (25 September), the RHM board unanimously urged shareholders to back the acquisition, saying the deal was in the best interests of investors.

On 8 September, the trust announced it had reached an agreement to be taken over by Concord in a $468.8m (£383.6m) deal.

See also: Jefferies: Hipgnosis shareholders could vote against portfolio sale

If all goes to plan, the RHM board expects the acquisition to go through by 31 October 2023.

Completion will require shareholders to back the sale at a court meeting and a general meeting, both to be held on 18 October.

The offer of $1.15 per share came at a 67% premium to the $0.69 share price at close on 7 September and an 11.5% discount to the trust’s net asset value (NAV).

At the time of the original announcement, Stifel analysts said: “Given the frustration of shareholders at the persistent discount to NAV, we expect the offer to be widely accepted.

“We note that shareholders with 27.4% of share capital have already given irrevocables including Josh Gruss. In aggregate, if the deal is completed, shareholders since IPO will have generated a reasonable positive total return.”

Concord, which is the trading name for Alchemy Copyrights, has spent $2bn (£1.6bn) buying rights since 2015, and has completed over 100 deals.

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