The British music catalog fund Hipgnosis Songs Fund (HSF), which manages the rights to the songs of Shakira and Blondie, was favorable on Monday to a purchase offer from the American fund Blackstone.
The American investment fund would have presented an offer to purchase its shares for about US$1.5 billion, which if confirmed, would be higher than another proposal that had been accepted in principle.
The board of directors of Hypgnosis “indicated to blackstone that your proposal has a value that you would be willing to recommend to your shareholders if you announced a firm intention” purchase, HSF noted in a press release published Monday.
Until Blackstone presents a firm offer, the board of directors of Hypgnosiswhich has been experiencing financial difficulties for months, continues to recommend “unanimously to its shareholders an offer from Concord”, an entity indirectly controlled by Alchemy Copyrights LLC, according to the statement.
blackstone presented on Saturday a purchase proposal for about $1.5 billion of HSF shares, a fund created by legendary musician Nile Rodgers and Merck Mercuriadis, who was the manager of Beyoncé and Elton John.
This offer would exceed the one presented by concordwhich amounts to about 1.4 billion dollars for the shares of Hypgnosiswhich manages the rights to some 150 music catalogs, including those of Justin Bieber and the Red Hot Chili Peppers.
Source: Gestion
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