US music rights group Concord Chorus has upped its cash bid for Hipgnosis Songs (SONG ) to $1.25 (101p) a share in an effort to prevent the board from switching to a rival offer from Blackstone.

In an statement last night, the companies said Concord had lifted the recommended offer of $1.16 (93p) made last Thursday by 7.8%. This represents 42.6% more than the royalties fund’s share price before the announcement and a 12.4% premium to operative net asset value (NAV) of $1.11 a share.

It matches the indicative offer made by Blackstone at the weekend.

‘The Hipgnosis directors believe that the increased concord offer is in the best interests of Hipgnosis shareholders as a whole, and accordingly unanimously recommend that Hipgnosis shareholders vote in favour of the resolutions required to implement the increased Concord offer to be proposed at the court meeting and the general meeting which are due to be held on or around 10 June 2024,’ Hipgnosis said.