The board of Hipgnosis Songs Fund announced on Monday that it is backing a cash offer from Blackstone of $1.30 a share, up from the buyout group’s initial proposal of $1.24 a share made last week. The Acquisition values Hipgnosis’ entire issued, and to be issued, ordinary share capital at approximately $1.6B. “The breadth of the Blackstone platform, combined with our operational expertise, will support and enhance the value of the acquired rights,” Hipgnosis said in a statement.
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