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Concord terminates $1.51 billion offer for Hipgnosis

Reuters
Updated ·1-min read
FILE PHOTO: Hipgnosis logos

(Reuters) -Apollo-backed Concord terminated its proposed $1.51 billion offer for Hipgnosis Songs Fund on Thursday, according to Alchemy Copyrights, which indirectly controls Concord.

Nashville-based independent music company Concord's revised offer was trumped by Blackstone's sweetened $1.57 billion proposal for the owner of music rights of artists including Shakira and Blondie.

Blackstone, the world's largest private equity firm, in April hiked its offer to $1.30 per share to win the Hipgnosis board's backing for the deal.

Hipgnosis declined to comment on Thursday.

(Reporting by Anchal Rana in Bengaluru; Editing by Devika Syamnath)