No better offer in Hipgnosis sell-off

By Daily Mail City & Finance Reporter

Updated: 00:13 BST, 25 October 2023

Hipgnosis has said would-be bidders for its proposed music catalogue sale are not willing to match the price of an original £360m offer.

Last month, the investment firm – which buys property rights for music including songs by Justin Bieber – agreed the sale of 29 catalogues to a private sister fund backed by investment giant Blackstone

Shares in Hipgnosis Songs Fund fell 2.8pc, or 2.1p, to 73.3p following the announcement.

Last month, the investment firm – which buys property rights for music including songs by Justin Bieber, Shakira and 50 Cent – agreed the sale of 29 catalogues to a private sister fund backed by investment giant Blackstone.

The London-listed business launched a 40-day ‘go-shop’ provision after agreeing the deal, giving other suitors the opportunity to put forward their own offers. However, Hipgnosis yesterday confirmed it did not receive a better offer.

The business will continue to recommend the current offer to shareholders at its annual general meeting tomorrow. This comes days after the fund launched a strategic review which could overhaul its management team.

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No better offer in Hipgnosis sell-off

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