The leadership of Lyra Bidco and Hipgnosis Songs Fund have agreed on the specifics of a proposed cash acquisition. This agreement involves Lyra Bidco purchasing all current and future ordinary shares of Hipgnosis. Lyra Bidco, which is a new company fully owned by investment funds advised by affiliates of Blackstone Inc, will provide each Hipgnosis shareholder with $1.30 for each of their shares. This agreement values all current and future ordinary shares of Hipgnosis at approximately $1.57 billion.
The Hipgnosis leadership plans to endorse this offer to their shareholders, urging them to accept or secure acceptance of the proposal. In light of this new development, they have also decided to retract their previous recommendation of the revised offer from Concord.
