Concord refused to up offer Hipgnosis, which is likely to be purchased by Blackstone

Concord, indirectly controlled by Alchemy Copyrights, said its $1.25 (£1) per share bid valuing Hipgnosis at £1.21billion would not go any higher.

Shares in Hipgnosis Songs down 2.1% at 1.024 pounds ($1.28) in morning trade. $1.51 billion offer from Nashville-based Concord was its second proposal for the music rights investor. Blackstone, the world's largest private equity firm, had hiked its offer to $ 1.30 per share in April.