Hipgnosis fails to receive 'superior offer' to Blackstone

Music rights owner Hipgnosis Songs Fund said on Tuesday that it had failed to receive a "superior offer" to Blackstone's in its recent 'Go-Shop' process.

Hipgnosis said potential buyers fell short of the $440.0m offer from Blackstone for a portfolio of songs, with the group receiving no binding offers from the eight parties that had signed non-disclosure agreements.

"The board received feedback through the process that a number of the parties assessed that they could not justify paying a higher price than the offer from the buyer for the first disposal," said Hipgnosis.

The London-listed group continued to recommend that shareholders vote in favour of a continuation resolution at its upcoming annual general meeting and in favour of the first disposal resolution at an extraordinary general meeting.

As of 0845 BST, Hipgnosis shares were down 3.18% at 73.0p.

Reporting by Iain Gilbert at Sharecast.com