BLACKSTONE DECLARES "BEST AND FINAL" FOR HSF OFFER

Blackstone has notified Hipgnosis Songs Fund investors that its latest offer of $1.6b is "best and final," locking in the price point and forestalling further negotiations for the acquisition.

According to the Financial Times (paywalled), "A group of U.S. and U.K. hedge funds have acquired a potential blocking stake in Hipgnosis ahead of a crucial shareholder vote." Blackstone needs 75% approval from shareholders in the upcoming vote. By declaring "best and final," Blackstone has prevented attempts to drive up the value of HSF with downvotes.

The declaration keeps Blackstone from increasing its offer or even submitting a new one. If shareholders vote no, there will be no new deal from Blackstone.

Stay tuned for updates.