Concord Music will not improve $1.51bn Hipgnosis bid
Following Blackstone’s $1.57bn counter offer
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Trust’s board has recommended the bid and withdrawn support for Concord Music’s offer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)
Research house has retained its ‘buy’ rating
Also concludes HSF held a ‘conflicted position’ when recommending the sale of 29 catalogues to shareholders
Operative NAV reduced to 85.02p per share from 92.08p
The trust’s share price has collapsed by 65% from £1.61 to 56p over the last year