Concord will not increase its $1.25-per-share offer for Hipgnosis Song Fund Limited, the Nashvillee-basd record company today confirmed.
It leaves the door open to Blackstone taking over Hipgnosis’ collection of music royalties after the asset manager upped its bid to $1.30 on 29 April.
Hipgnosis Song Fund includes the rights to songs from the likes of Ed Sheeran, Lady Gaga and Fleetwood Mac.
The Hipgnosis saga has been marred by slashed portfolio valuations, legal wrangles with its founder and a recent bidding war between Concord and Blackstone.