Private equity giant Blackstone Inc. has made a fresh bid of approximately $1.5 billion to acquire Hipgnosis Songs Fund Ltd., surpassing a previous offer from music rights investor Concord. Blackstone revealed its improved proposal on Saturday, aiming to purchase the entirety of Hipgnosis' issued and to-be-issued share capital at $1.24 per share in cash, representing a 7% increase over Concord's bid. Expressing confidence in the value of its offer, Blackstone urged Hipgnosis' board to acknowledge the substantial increase in shareholder value and collaborate towards reaching a mutually agreeable deal promptly.

Hipgnosis responded on Sunday, indicating its intention to recommend Blackstone's proposal should the private equity firm formalize its offer, and granting Blackstone access for due diligence. Reports indicate that Blackstone had previously made several bids for Hipgnosis, a London-listed music rights investment company boasting catalogs from renowned artists like Blondie, the Red Hot Chili Peppers, and Neil Young. Despite earlier offers falling short, Blackstone's latest proposal, advised by investment bank Jefferies, stands at about 100 pence per share, triggering a surge in Hipgnosis' stock price by approximately 30% since Concord's bid announcement.