The boards of Concord Bidco and Hipgnosis have agreed on the terms of a recommended cash offer for the acquisition of Hipgnosis by Concord Bidco. The acquisition will be carried out through a Court-sanctioned scheme of arrangement. Concord Bidco had previously received irrevocable undertakings to vote in favor of the scheme, including one from J O Hambro Capital Management Limited. However, J O Hambro has since disposed of a portion of the shares subject to the undertaking, reducing the total number of shares under the irrevocable undertakings received by Concord Bidco.

As of the latest update, the total number of Hipgnosis shares subject to irrevocable undertakings received by Concord Bidco has reduced to approximately 23.14% of the issued share capital of Hipgnosis. The announcement also includes contact information for inquiries related to the acquisition, including representatives from Concord, Apollo, J.P. Morgan Cazenove, H/Advisors Maitland, Hipgnosis, Singer Capital Markets, ShotTower Capital LLC, and Headland Consultancy.

The announcement includes important notices from J.P. Morgan Cazenove and Singer Capital Markets, emphasizing their roles as financial advisers exclusively for Bidco and Hipgnosis, respectively. It also clarifies that the acquisition will be made solely through the Scheme Document or any document by which the Takeover Offer is made, and any response to the acquisition should be based on the information contained in the Scheme Document.

This update provides insight into the progress of the recommended cash offer for Hipgnosis by Concord Bidco, including changes in the irrevocable undertakings received and the key parties involved in the acquisition process.