The boards of Concord Bidco and Hipgnosis Songs Fund Limited have agreed on the terms of a recommended cash offer for the acquisition of Hipgnosis by Concord Bidco. The increased recommended cash offer at an increased price of US$1.25 for each Scheme Share has been announced. Concord Bidco had received certain irrevocable undertakings to vote in favor of the Scheme at the Court Meeting and in favor of the Resolution to be proposed at the General Meeting.
The irrevocable undertaking given by J O Hambro Capital Management Limited related to 20,453,123 Hipgnosis Shares, representing approximately 1.69 per cent of the issued share capital of Hipgnosis. However, J O Hambro has disposed of a significant number of the Hipgnosis Shares subject to the irrevocable undertaking, reducing the total number of Hipgnosis Shares subject to irrevocable undertakings received by Concord Bidco.
Upon completion of the acquisition by Concord Bidco of the Hipgnosis Shares held by CCLA Investment Management, the total number of Hipgnosis Shares subject to irrevocable undertakings received by Concord Bidco will further reduce. This represents approximately 20.46 per cent of the issued share capital of Hipgnosis as at the close of business on 25 April 2024.
The announcement includes contact information for inquiries related to the acquisition, including contacts for Concord, Apollo, J.P. Morgan Cazenove, H/Advisors Maitland, Hipgnosis, Singer Capital Markets, ShotTower Capital LLC, and Headland Consultancy. Important notices regarding the financial advisers and corporate brokers involved in the acquisition are also included in the announcement.