Hipgnosis' bidding war intensifies as Concord hikes offer for Shakira music owner

Concord, a Nashville-based independent music company, late on Wednesday sweetened its bid for Hipgnosis to $1.25 per share, or about $1.51 billion, slightly higher than Blackstone's proposal of $1.24 apiece. Shares of Hipgnosis were up 1.1% at 1.028 pounds ($1.28), as the fresh offer fuels the prospect of a higher counter-bid from the world's largest private equity firm.

Hipgnosis says it would recommend a higher Blackstone bid if the world's largest private equity firm were to table a formal offer. Blackstone Europe's fourth and latest proposal valued the music rights investment firm at $1.24 per share in cash. Hipnosis: Blackstone's latest offer would be $1.24 per cent in cash, Blackstone said in statement.