LONDON (CelebrityAccess) — The board of Hipgnosis Songs Fund (HSF) on Monday introduced that they have been unanimously backing a bid from non-public fairness big Blackstone for nearly $1.6bn.

The choice to again the Blackstone bid comes after the non-public fairness big upped their preliminary proposal of $1.24 per share to $1.30.

Blackstone raised its bid after Harmony, backed by non-public fairness investor Apollo, sweetened its provide for Hipgnosis final week.

Following the upgraded bid from Blackstone, HSF’s board withdrew its help for the sooner bid by Harmony.

Based by Merck Mercuriadis in 2018, Hipgnosis Songs Fund represents a portfolio of 138 catalogs and greater than 40,000 songs throughout a number of genres and eras, together with catalogs from artists reminiscent of Blondie, the Pink Sizzling Chili Peppers, and Shakira, amongst others.

“Our provide worth, which has been unanimously really helpful by the Board, represents a major premium to the unaffected share worth and permits shareholders to understand fast and enticing worth for his or her shareholding. The provide is the results of intensive dialogue and negotiations with the Board and gives shareholders the understanding of money right now,” said Qasim Abbas, Senior Managing Director of Blackstone. “Blackstone is a long-term investor with deep expertise of investing throughout the media and leisure sectors, together with in music rights. The breadth of the Blackstone platform, mixed with our operational experience, will help and improve the worth of the acquired rights.”

“The Board is happy to unanimously suggest this US$1.6 billion Supply for Hipgnosis from Blackstone. Since we began our strategic assessment, we have now been clearly targeted on taking a look at all of the choices to ship shareholder worth. We’re delighted that, following aggressive pursuits in buying Hipgnosis, our traders now have an opportunity to instantly notice their holding at an elevated premium,” added Robert Naylor, Chairman of HSF.