Hipgnosis shareholders approve $1.58bn sale to Blackstone
99.97% of votes cast were in favour of the deal
99.97% of votes cast were in favour of the deal
Founder and chair will step away upon completion of Hipgnosis Song Fund’s sale to Blackstone
Bidco initially revised its offer for SONG on 3 June
While the bid will now be executed via a scheme of arrangement
Following Blackstone’s $1.57bn counter offer
The major shareholder reduced its position after the share price leapt 48.4%
Trust’s board has recommended the bid and withdrawn support for Concord Music’s offer
Analysts said the bid may test the strength of HSM’s call option
The firm is now offering $1.25 per Hipgnosis share, topping the potential Blackstone offer by a single cent
JOHCM’s share disposal reduces ‘irrevocable undertaking’ support bid down to 23.1%
Trust’s board said it would be minded to recommend the proposal to shareholders if a firm offer was made
Proposed deal values Hipgnosis at $1.4bn – a 32.2% premium to its closing price last night (17 April)