BLACKSTONE ASSEMBLING $1.5B BID FOR HIPGNOSIS SONGS FUND

According to published reports, and in the wake of news that Concord Chorus had already assembled a proposal for Hipgnosis Songs Fund, financial giant Blackstone has revealed that it is mounting its own £1.2b ($1.5b)/$1.24 per share bid for the giant trove of music rights. Concord's offer was reported to be $1.4b.

Blackstone co-owns HSF investment advisor Hipgnosis Song Management with founder Merck Mercuriadis.

"Blackstone strongly encourages the Board of Hipgnosis to recognize the significant increase in value available to all shareholders under the terms of [the offer]," reads a statement from the company, "over the $1.16 as set out in the Concord offer, and to work with Blackstone to reach agreement on a unanimously recommended Firm Offer in an expeditious manner."

As we've reported previously, HSM has a "call option" enabling it to purchase the assets of HSF outright (according to a prescribed formula) should its agreement with the fund be terminated.

What will HSF's board do now? Will other bidders come in? Stay tuned.