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Owner of Blondie and Shakira catalogs in favor of $1.5 billion offer

The British music catalog fund Hipgnosis Songs Fund (HSF), owner of the titles of Shakira or Blondie, said it was in favor of an offer from the American fund Blackstone at $1.

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Owner of Blondie and Shakira catalogs in favor of $1.5 billion offer

The British music catalog fund Hipgnosis Songs Fund (HSF), owner of the titles of Shakira or Blondie, said it was in favor of an offer from the American fund Blackstone at $1.5 billion if it was confirmed, because it was higher than a competing offer already accepted.

The board of directors of Hipgnosis “indicated to Blackstone that (its) proposal is at a value that it would be inclined to recommend to its shareholders if (the asset manager) announced a firm intention” of repurchase, comments Hipgnosis in a press release published Monday on the London Stock Exchange. As long as a firm offer is not presented, the Board of Hipgnosis - in financial difficulties for months - however continues to recommend "unanimously to its shareholders a cash offer from Concord", an entity indirectly controlled by Alchemin Copyrights LLC, the press release said.

Blackstone presented a buyout proposal on Saturday at $1.24 per share, according to the offer submitted on Saturday, which values ​​the catalog fund, co-created by the legendary musician Nile Rodgers and Merck Mercuriadis, ex-manager of Beyoncé and Elton John, at some $1.5 billion. That's more than Concord's offer of about $1.4 billion. The Hipgnosis fund manages the rights to around 150 music catalogs and a few months ago still claimed a net asset value of $3 billion.

After the announcement in December of a triple loss over one year, HSF, which also manages the catalogs of stars such as Justin Bieber and the Red Hot Chili Peppers, also announced last month that the valuation of its assets would be lowered by more than a quarter. Given this significant discount, the Board of Directors said it wanted to use the company's available cash to reduce debt and had decided not to distribute a dividend until further notice.

Keywords:
RachatHipgnosisFonds DinvestissementMusiqueMusiquesCDDVDChasonChansonsChanteurMusique ClassiqueArtistes
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