NEW YORK CITY (dpa-AFX) - Blackstone Europe LLP, on Monday, has made an improved fourth proposal to acquire the entire issued and to be issued share capital of Hipgnosis at a price of $1.24 per share. Blackstone encouraged the Board of Hipgnosis to recognise the significant increase in value, over the $1.16 as set out in the Concord Chorus Limited Offer.
Blackstone noted that under the terms of the investment advisory agreement between Hipgnosis Song Management or HSM, and Hipgnosis, dated 27 June 2018 or the IAA, on termination of the IAA, HSM has an option, exercisable at any point in time during the six month period following the effective date of termination of the IAA, to purchase from Hipgnosis the entire portfolio of songs held as at the termination date. Blackstone and its portfolio company HSM, remain confident in the enforceability of this option.
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