Blackstone ups bid for Hipgnosis with $1.57bn offer

(Sharecast News) - Music rights owner Hipgnosis said it it agreed terms on a £1.2bn takeover by private equity investor Blackstone, in the latest tit-for-tat battle with rival Concord.

Blackstone on Monday upped its offer to $1.30 a share in cash, or 104 pence a share, beating Concord's latest offer of $1.25 a share.

The Hipgnosis board advised investor to take no action on the most recent Concord bid as it swung behind Blackstone.

Reporting by Frank Prenesti for Sharecast.com