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Hipgnosis Songs Fund agrees $1.4bn sale to rival Concord Chorus
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SONG investors will each receive $1.16 per share in cash, representing a 32% premium based on yesterday's (17 March) closing price of £0.71, but only a 4.3% premium to SONG's adjusted net asset value per share as of 30 September 2023 of $1.11. Double counting forces Hipgnosis to further slash portfolio value At the time of publishing, SONG's share price had risen almost 32% since markets opened, according to data from MarketWatch. US private equity group Apollo has committed to providing financing for the acquisition through debt, and is taking a minority stake in the bidding vehic...
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