Blackstone has made a “best and final” offer for Hipgnosis Songs Fund as it seeks to forestall any attempt to agitate for a higher price by hedge funds that have built a large stake in the UK-listed music rights owner. A group of US and UK hedge funds have acquired a potential blocking stake in Hipgnosis ahead of a crucial shareholder vote on Blackstone’s $1.6bn offer.
One person familiar with the thinking of some of the hedge funds said they wanted Blackstone to consider a higher price to secure their votes — a practice known as “greenmailing”. However, the US private equity group on Tuesday said it had made a best and final offer.
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