Concord formally exits takeover battle for Hipgnosis Songs

Investment Week

The stock exchange announcement on Thursday (16 May) follows the firm’s statement on 9 May that its latest $1.25 per share offer for the trust would not be increased upon. Concord’s decision followed an increased bid by Blackstone of $1.30 per share in late April, valuing the fund at more than $1.57bn, which was unanimously recommended by the board to shareholders.  Concord sticks with $1.51bn offer for Hipgnosis Songs Fund The bidding war for SONG began in mid-April when Concord, through the Apollo-backed Concord Chorus, launched an opening bid of $1.40bn, or $1.16 per share for t…

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