On song: Hipgnosis owns the back catalogue of stars such as Shakira (pictured)
Shares in Hipgnosis are in the spotlight after a bidding war broke out for the music rights fund.
American investment giant Blackstone is seeking to hijack a proposed £1.1billion deal with Concord Chorus, offering £1.2billion for the London-listed firm, which owns the back catalogue of stars such as Shakira.
Shares in Hipgnosis soared more than 30 per cent last week when it accepted Concord Chorus’ offer.
Blackstone – the majority owner of the trust’s investment adviser – said it had made a series of recent proposals for the entire portfolio.
The weekend offer was its fourth. Sky News said previous bids ranged between 82p to 88p per share.
