BUSINESS LIVE: Ocado boss faces revolt; Hipgnosis agrees Blackstone takeover; Entain reprices debts
By Live Commentary
Updated:
The FTSE 100 will open at 8am. Among the companies with reports and trading updates today are Ocado, Hipgnosis Songs Fund, Entain and Beazley. Read the Monday 29 April Business Live blog below.
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Hipgnosis agrees Blackstone takeover
Blackstone has agreed to acquire Hipgnosis Songs Fund for about $1.6billion, after the private equity giant outbid rival suitor Concord in the takeover battle for the music owner of artists such as Shakira and Red Hot Chili Peppers.
Blackstone’s formal offer valued the music rights investor at $1.30 per share, higher than Concord’s $1.25 per share offer last Wednesday.
Hipgnosis’ board plans to back Blackstone’s offer and withdrew its recommendation for Nashville-based music firm Concord.
Ocado boss Tim Steiner faces a shareholder revolt over his pay
Ocado boss Tim Steiner faces a shareholder revolt over his pay today.
Investors have been urged to vote against the £15m pay policy by advisory groups Glass Lewis and Institutional Shareholder Services (ISS). They say a new scheme may cause ‘excessive pay’.
ISS said its concerns were ‘exacerbated by… no dividend and a general decline in share price.’
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BUSINESS LIVE: Ocado boss faces revolt; Hipgnosis agrees Blackstone takeover; Entain reprices debts
