NEW YORK CITY (dpa-AFX) - Concord Chorus Limited confirmed that its offer of $1.25 per share for Hipgnosis Songs Fund Limited is final and will not be increased.
Last month, Lyra Bidco and Hipgnosis Songs Fund reached agreement on the terms and conditions of a recommended cash acquisition by Lyra Bidco of the entire issued, and to be issued, ordinary share capital of Hipgnosis. Lyra Bidco is a newly-formed company indirectly wholly-owned by investment funds advised by affiliates of Blackstone Inc. Each Hipgnosis shareholder will be entitled to receive $1.30 in cash for each Hipgnosis share. The deal values Hipgnosis' entire issued, and to be issued, ordinary share capital at approximately $1.57 billion.
Hipgnosis then said its Directors planned to recommend that Hipgnosis shareholders should accept or procure the acceptance of the offer. Hipgnosis Directors decided to withdraw their recommendation of the Concord revised offer.
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