Hipgnosis shares in spotlight after bidding war over music rights fund breaks out

Hipgnosis shares are in the spotlight after a bidding war broke out over the music rights fund.

US investment giant Blackstone is attempting to hijack a proposed £1.1bn deal with Concord Chorus, offering £1.2bn for the London-listed firm which owns the back catalog of stars including Shakira.

Hipgnosis shares soared more than 30 percent last week when it accepted Concord Chorus’ offer.

Blackstone, majority owner of the trust’s investment adviser, said it had made a series of recent proposals for the entire portfolio.

The weekend sale was the fourth. Sky News said previous offers ranged from 82 pence to 88 pence per share.