Hipgnosis received a counter-offer and said it would accept a rival bid

Hipgnosis owns the back catalogues of Blondie, Shakira and Eurythmics co-founder Dave Stewart. The group accepted a £1.1billion acquisition bid from US rival Concord Music last week. Blackstone counter-offer was rejected by the group.

Hipgnosis in takeover battle as music investor says it would accept rival bid. Possible counteroffer by Blackstone could derail agreement with US fund Concord Chorus. US fund Chorus has agreed to buy hipgnosis from US fund Blackstone, but it is not clear if it will accept rival offer.