Concord Chorus Limited has pronounced their final offer for Hipgnosis Songs Fund Limited, standing firm on $1.25 per share. This decision is not up for further negotiations.
During the previous month, Lyra Bidco and Hipgnosis Songs Fund were able to successfully agree on the outlined terms and conditions set for Lyra Bidco's proposed cash acquisition. This pertains to the entirety of Hipgnosis' issued and yet-to-be-issued ordinary share capital. Lyra Bidco, a fledgling company, is entirely owned indirectly by investment funds, which operate under the guidance of Blackstone Inc. affiliates. For every share held, Hipgnosis shareholders can expect to receive $1.30 in cash. The total value assigned to Hipgnosis's entire ordinary share capital, both issued and those on the anvil, stands around at an impressive figure of $1.57 billion.
Hipgnosis's directors had initially outlined plans to advise their shareholders on whether to accept the offer or ensure its acceptance. As a result of this newest turn of events, Hipgnosis's directors have chosen to retract their initial endorsement of Concord's revised offer.
