Blackstone beats Concord with $1.6 billion bid for Hipgnosis Songs
Blackstone's formal offer valued the music rights investor at $1.30 per share, the companies said, higher than Concord's $1.25 per share offer last Wednesday. Hipgnosis shares, which have rallied since the takeover interests, rose 2.7% to 1.06 pounds ($1.33) in early trade. The deal will see more than 65,000 songs, including tracks by Blondie and Neil Young, added to Blackstone's music rights portfolio, which already includes songs by Justin Bieber and Justin Timberlake.