Blackstone Offers $1.57 Billion in Hipgnosis Bidding War (1)

Blackstone Inc. made a fresh offer for Hipgnosis Songs Fund Ltd., surpassing a previous bid from music investment firm Concord and intensifying a bidding war for the owner of song catalogs from Blondie, the Kaiser Chiefs and the Red Hot Chili Peppers.

Blackstone is offering $1.30 a share in cash for Hipgnosis, valuing the business at about $1.57 billion, the companies said in a statement on Monday. That’s the equivalent of about 104 pence per share, they said. Hipgnosis’s board has unanimously recommended the latest Blackstone offer and has withdrawn its support of the rival Concord bid, it said. ...