Blackstone Offers $1.57 Billion in Hipgnosis Bidding War [BNN Bloomberg (Canada)]
Apollo Global Management, Inc. (New) (APO)
Last apollo global management, inc. (new) earnings: 5/1 07:00 am
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Source: BNN Bloomberg
Blackstone is offering $1.30 a share in cash for Hipgnosis, valuing the business at about $1.57 billion, the companies said in a statement on Monday. That's the equivalent of about 104 pence per share, they said. Hipgnosis's board has unanimously recommended the latest Blackstone offer and has withdrawn its support of the rival Concord bid, it said. Concord, which is backed by Apollo Global Management Inc., had last offered $1.25 a share, or about $1.51 billion. That had beaten Blackstone's last offer of $1.24 per share and increased Concord's initial bid of $1.16. Hipgnosis last year agreed to sell part of its song catalog to a venture between Blackstone and its founder Merck Mercuriadis, who previously managed celebrity musicians such as Beyonce and Elton John. However, shareholders vetoed that deal and voted against continuing the fund in its current form. Founded in 2018 in London, Hipgnosis bought up song catalogs with the goal of turning music into an asset class. But the
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