Offers 1.30 usd/share (Il Sole 24 Ore Radiocor) - London, 29 Apr - Hipgnosis Songs Fund, a UK company that manages song catalogues, said that it recommending a 1.572 billion dollar offer from the US investment company Blackstone through Lyra Bidco.

Lyra is offering 1.30 dollars in cash per Hipgnosis stock, 4.0% more than a revised offer made by Concord.

Hipgnosis said that its board has decided to withdraw its recommendation for Concord's offer and intends to unanimously recommend that shareholders accept Lyra's offer.

On April 18, Hipgnosis had reached agreement to be bought by Concord for 1.16 dollars per share.

On April 20, Blackstone announced a possible offer at a price of 1.24 dollars per Hipgnosis share.

On April 24, the boards of Hipgnosis and Concord announced that they had reached agreement on a revised price of 1.25 dollars per share.

Hipgnosis was launched in 2018 and has a portfolio currently comprising 138 catalogues with more than 40,000 songs, containing copyright and income streams derived from compositions performed by some of the top artists of the last 50 years.

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(RADIOCOR) 29-04-24 08:50:02 (0116) 5 NNNN