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Blackstone increases Hipgnosis offer

Mon 03 Jun 2024 09:20

(Sharecast News) - US private equity firm Blackstone has upped its bid for embattled music rights publisher Hipgnosis as it looks to change its takeover offer to a so-called 'scheme of arrangement'. Under a scheme of arrangement, the deal will require approval from 75% of Hipgnosis' voting shareholders before becoming binding across all investors, regardless of how they voted. This will allow Blackstone to seize full control of Hipgnosis without needing to "squeeze out" dissenting shareholders under a formal takeover offer.

However, Blackstone has to essentially lodge a new form of offer for Hipgnosis just weeks after beating out rival Concord's bid and securing backing from its board. Its new offer will also need approval from the UK Takeover Panel.

Blackstone has hiked its offer to $1.31 per share, an increase of a single cent from its previous offer, valuing Hipgnosis at almost $1.6bn and representing a 17% premium to its adjusted net asset value.

According to sources at the Financial Times, the deal should proceed smoothly once the scheme of arrangement has been secured, with the deal's announcement being made early on Monday.

As of 0915 BST, Hipgnosis shares were up 0.82% at 101.42p.

Reporting by Iain Gilbert at Sharecast.com

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