Hipgnosis Songs Fund Limited (LSE:SONG) agreed a new, higher offer from Nashville record company group Concord of US$1.25 a share, announced yesterday evening.
Directors of the two companies said they had reached an agreement on the terms of the increased cash offer, unanimously recommended by the Hipgnosis board.
Rival bidder Blackstone, which owns the majority of the trust's investment adviser Hipgnosis Song Management and made a US$1.24 offer at the start of this week, issued a statement Thursdau saying it "strongly advises Hipgnosis shareholders to take no action and is considering its options" and promising a further announcement in due course.
Concord's original bid last week was priced at US$1.16 plus a contingent consideration, but the new cash offer comes with no contingent consideration