Hipgnosis Shares Surge as Blackstone Bid Raises Prospect of Bidding War

Shares of Hipgnosis Songs Fund soared as much as 20% on Monday after Blackstone proposed to buy the owner of music rights by artists including Shakira and Blondie for about $1.5 billion, outbidding Apollo-backed Concord.

Blackstone’s fourth and latest proposal over the weekend valued Hipgnosis at $1.24 per share in cash, above last week’s agreed bid from Concord of $1.16 a share.

Hipgnosis shares were trading nearly 12% higher at 1.02 pounds ($1.26) by 1349 GMT, above Blackstone’s proposed price, suggesting that investors were expecting the proposal will trigger a bidding war for the London-listed firm.

Read the source article at Yahoo Finance