LONDON, UK: Blackstone Group has put forth a lucrative fourth proposal to acquire Hipgnosis, offering $1.24 per share in cash. This offer, termed the “Fourth Proposal,” represents a significant increase from the previous $1.16 per share bid by Concord Chorus.

Should Blackstone proceed with a firm intention to make an offer under Rule 2.7 of the Code, the acquisition would be conducted as a takeover offer, in line with Chapter 3 of Part 28 of the Companies Act 2006. However, Blackstone retains the right to alternatively execute the offer through a scheme of arrangement under Part 26 of the same act.

The investment giant is urging Hipgnosis’ Board to acknowledge the enhanced value proposition of its Fourth Proposal and to collaborate towards a unanimously recommended Firm Offer swiftly.

Furthermore, Blackstone highlighted a key clause from the investment advisory agreement with Hipgnosis Song Management Limited (HSM), dated June 27, 2018. Upon termination of this agreement, HSM holds the option to purchase Hipgnosis’ entire song portfolio within six months post-termination.

With extensive legal counsel, Blackstone and HSM are confident in the enforceability of this option and are committed to securing a fair outcome for all shareholders. Nonetheless, they stand ready to staunchly defend HSM’s rights under the agreement if necessary.