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Trending tickers: Tesla, Hipgnosis, oil, yen [Yahoo! Finance]
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US:NASDAQ Investor Relations: ir.tesla.com
The share price of music rights fund Hipgnosis gained after the opening bell on Monday in London after private equity firm Blackstone's all-cash offer for the fund was recommended by the company's board. Blackstone outbid a revised offer by Concord Music, trumping its $1.25 per share bid with a play of $1.30. The deal currently on the table values the fund, which owns the rights to music by the likes of Shakira, Bon Jovi and Beyonce, at about $1.57bn (£1.25bn). Hipgnosis Songs Fund's board said it has "decided to withdraw its recommendation for the Concord Revised Offer”. Read more: FTSE 100 LIVE: European stocks rise as Japanese yen swings wildly overnight The fund's share price has seen a steady decline over the last two years, with the deal reviving flagging interest. Stock was trading about 2.3% higher on Monday. Blackstone already has a music rights portfolio which includes Justin Bieber and Justin Timberlake. Hipgnosis's offering will add more than 65,000 songs to tha
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