(Alliance News) - Hipgnosis Songs Fund Ltd on Tuesday said its takeover by Blackstone Inc has edged closer.
Hipgnosis Songs Fund is a London-based music investment company, which has bought up the royalty rights to song catalogues of artists including the Red Hot Chili Peppers, Journey and Neil Young.
Merger clearance in the US and UK has occurred, leaving just approvals at court and general meetings, as well as the customary court sanctioning of the transaction, as the remaining hurdles.
It still expects the deal worth USD1.59 billion to be sealed by the end of July. HSF earlier in June backed a slightly improved takeover offer from the US private equity firm.
Blackstone had upped its offer to USD1.31 per Hipgnosis share from USD1.30 previously. The increased offer was made despite Blackstone's only declared rival to buy Hipgnosis, Concord Chorus, withdrawing from the race, unwilling to raise its own offer of USD1.25 per share.
Hipgnosis Songs shares were 0.6% higher at 103.00 pence each on Tuesday morning in London, around USD1.31.
By Tom Budszus, Alliance News slot editor
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Hipgnosis Song. (SONG)