Blackstone starts bidding war over Hipgnosis

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 11.7% premium to the written down NAV, implying that the board may have been over aggressive in writing down the asset value.

We still need to see a firm offer from Blackstone, but this strongly suggests that shareholders should sit tight and see which way the wind blows here. It may be that Chorus makes a counter-offer.

SONG : Blackstone starts bidding war over Hipgnosis

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