Eve Maddock-Jones, Investment Week, 4 July 2024: The departure of Hipgnosis Song Management (HSM) founder Merck Mercuriadis is unlikely to have any major implications for Hipgnosis Songs fund (SONG) shareholders, analysts have argued. HSM, the investment manager of SONG, said on Tuesday (2 July) that the former chief executive and founder of the company would […]
The company has announced that they had received terms of a recommended cash offer Lyra Bidco (Blackstone) of $1.31 per share and is instead to be implemented as a scheme of arrangement. Hipgnosis is seeking approval from shareholders at a court meeting and at the general meeting, be held on 08/07/2024 with a scheme expected […]
Merck Mercuriadis, chairman and founder of Hipgnosis Song Management (HSM), the manager of Hipgnosis Songs Fund (SONG) has given notice of his intention to step away as chairman of HSM, effective upon closing of the proposed acquisition of SONG by Blackstone, which is expected to become effective on 29 July 2024 (click here to see […]
Lauren Hardy, Portfolio Adviser, 25 JUNE 2024: Revised conditions of Bidco’s all-share purchase of Hipgnosis Songs Fund (SONG) are moving closer to fruition, according to a London Stock Exchange announcement published today (25 June), following a revised cash offer from Bidco for the beleaguered investment company. On 3 June, Blackstone-owned Lyra Bidco Limited increased its […]
On 29 April 2024, the board of Hipgnosis Songs Fund Limited recommended that shareholders accept the $1.30 per share offer made by Blackstone Europe, via its wholly-owned investment subsidiary Lyra Bidco (click here to see our coverage of this). However, on 24 May 2024 it was announced that, with the consent of the Panel, there […]
The board of Hipgnosis Songs Fund (SONG) has recommended that shareholders accept the $1.30 per share offer made by Blackstone Europe, via its wholly-owned investment subsidiary Lyra Bidco. The $1.30 offer, equivalent to £1.04, would represent a 4% premium to the revised Concord offer of $1.25 (made on 24 April 2024), the other competing party […]
In a further development to the recent offers by Concord Chorus Limited and Blackstone Europe for the assets of Hipgnosis’s (SONG) over the past week (discussed here, and here), Concord Chorus Limited has announced that it has reached agreement on the terms of an increased cash offer. This is at an increased price of US$1.25 […]
Hipgnosis Song Management, the investment advisor for Hipgnosis Songs Fund (SONG) has issued a statement regarding the recent issues surrounding the trust. It is outlined in full below. “Hipgnosis Songs Fund is a self-managed investment trust with multiple specialist advisers, appointed by the Company’s Board, to advise the Board in their respective areas of expertise […]
Blackstone Europe, on the back of the recent firm offer by Concord Chorus for Hipgnosis’s (SONG) assets, has confirmed that it has made a series of proposals regarding a possible offer for the entire issued and to be issued share capital of Hipgnosis. Blackstone has announced that it has made a fourth proposal to acquire […]
There is no announcement to the stock exchange on this yet, but Sky, the FT and other news outlets have a story that Blackstone is proposing to buy Hipgnosis Songs Fund for $1.24 in cash (about 99.6p per share), trumping the $1.16 per share offer from Chorus that was announced on Thursday. $1.24 is an […]
