Blackstone increases its offer for Hipgnosis Songs Fund to $1.31/share, valuing the music rights owner at $1.58B; deal requires shareholder and Takeover Panel approval.

Blackstone raises its offer for Hipgnosis Songs Fund by $0.01 to $1.31 per share, valuing the music rights owner at $1.58 billion. The deal, which includes a change from a straightforward takeover to a "scheme of arrangement," would require approval from Hipgnosis shareholders and the UK's Takeover Panel. Hipgnosis owns music rights from artists such as Beyoncé, Shakira, and Red Hot Chili Peppers.