{"id":89369,"date":"2024-06-25T21:05:05","date_gmt":"2024-06-26T01:05:05","guid":{"rendered":"https:\/\/www.cyberlego.com\/web\/2024\/06\/25\/blackstone-says-its-june-3-offer-for-hipgnosis-songs-fund-is-final\/"},"modified":"2024-06-25T21:05:05","modified_gmt":"2024-06-26T01:05:05","slug":"blackstone-says-its-june-3-offer-for-hipgnosis-songs-fund-is-final","status":"publish","type":"post","link":"https:\/\/www.cyberlego.com\/web\/2024\/06\/25\/blackstone-says-its-june-3-offer-for-hipgnosis-songs-fund-is-final\/","title":{"rendered":"Blackstone Says Its June 3 Offer for Hipgnosis Songs Fund Is\u00a0Final"},"content":{"rendered":"

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\n\tBlackstone doesn\u2019t intend to increase its latest offer to acquire Hipgnosis Songs Fund (HSF), the London-listed investment trust it first launched a takeover bid for on April 20. The private equity firm said in a regulatory filing Tuesday (June 25) that the financial terms of its June 3 offer<\/a> \u201care final and will not be increased\u201d unless a higher offer or possible offer materializes.<\/p>\n

\n\tThe announcement appears intended to thwart any attempts by opportunistic investors to extract a higher offer from Blackstone. Analysis of shareholder data by The Financial Times<\/em><\/a> shows that hedge funds known to trade on takeover targets have acquired \u201cwell over\u201d 25% of HSF\u2019s shares, raising the possibility that Blackstone\u2019s offer will fail to reach the minimum 75% approval threshold when shareholders vote on the proposal at HSF\u2019s July 8 general meeting. <\/p>\n

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\t\t\t\t\tHipgnosis Songs Fund Board Backs Blackstone\u2019s Revised\u00a0Takeover\u00a0Plan\t\t<\/p>\n<\/h3><\/div>\n

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\n\tBlackstone\u2019s latest offer of $1.31 per share values HSF\u2019s share capital at a total of $1.584 billion. After some back-and-forth with Concord, which bid $1.25 per share<\/a> on April 24 and $1.14 per share<\/a> on April 14, Blackstone increased its bid to $1.30 per share<\/a> on April 29 and then to the current $1.31 per share price on June 3.<\/p>\n

\n\tSecuring the acquisition would allow Blackstone to consolidate HSF\u2019s 65,000-song catalog with two entities it currently owns: the private music assets investment fund Hipgnosis Songs Capital and Hipgnosis Song Management, the investment advisor to HSF. The collection of rights held by HSF includes songs by Neil Young<\/a>,\u00a0Journey<\/a>,\u00a0Lindsey Buckingham<\/a>,\u00a0Blondie<\/a>\u00a0and more.<\/p>\n

\n\tA purchase by Blackstone would bring an end to the six-year-old HSF and the turbulence of recent years. Launched as a pure-play investment in the safety of classic music copyrights, HSF was hit by a stagnant share price that hurt its ability to raise cash for additional acquisitions. Financial mishaps \u2014 such as an errant royalty accrual that caused the company to cancel its dividend<\/a> \u2014 and accounting issues<\/a> led shareholders to vote against continuation<\/a> in October and set the stage for turnover<\/a> on the board of directors and a plan to<\/a> attract bidders to satisfy shareholders. \u00a0<\/p>\n<\/div>\n<\/div>\n

Aller \u00e0 la source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Blackstone doesn\u2019t intend to increase its latest offer to acquire Hipgnosis Songs Fund (HSF), the London-listed investment trust it first launched a takeover bid for on April 20. The private equity firm said in a regulatory filing Tuesday (June 25) that the financial terms of its June 3 offer \u201care final and will not be […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-89369","post","type-post","status-publish","format-standard","hentry","category-musique","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"_links":{"self":[{"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/posts\/89369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/comments?post=89369"}],"version-history":[{"count":0,"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/posts\/89369\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/media?parent=89369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/categories?post=89369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/tags?post=89369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}