US investment giant Blackstone Inc. (NYSE:BX) on June 3, 2024 unveiled a higher USD 1.58 billion (EUR 1.46 billion) offer for Hipgnosis Songs Fund Limited (LSE:SONG). The move comes after in late April Hipgnosis accepted Blackstone's raised take over offer worth USD 1.57 billion, abandoning its deal with US music company Concord. As part of the latest offer, Blackstone will pay USD 1.31 per share in cash, versus USD 1.30 previously, or a 49.2% premium to the closing price of 71 pence per Hipgnosis share on April 17, the last business day before the launch of the offer period.

The increase was attributed to the lower-than-expected adviser fees being incurred by Hipgnosis in relation to the transaction, according to the statement. The deal was also revised in terms of its nature, which was changed from a takeover to a scheme of arrangement, meaning that it needs to be approved by at least 75% of Hipgnosis shareholders.