Shares in music copyright fund Hipgnosis rose after the opening bell in London on Monday after private equity firm Blackstone’s all-cash offer for the fund was recommended by the company’s board.
Blackstone outbid Concord Music’s revised offer of $1.25 per share for $1.30 per share. The deal currently under consideration values the foundation, which holds the rights to music by Shakira, Bon Jovi, Beyoncé and others, at around $1.57 billion (about £1.25 billion).
The Hypnosis Songs Fund’s board of directors said it had “decided to withdraw its recommendation of the Concord Revised Offer.”
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The fund’s stock price has been steadily falling over the past two years, and the deal has reignited flagging interest. Shares were trading about 2.3% higher on Monday.
Blackstone already has a music rights portfolio that includes Justin Bieber and Justin Timberlake. The Hipgnosis offering will add over 65,000 of his songs to its roster.
Demand concerns weighed on oil prices on Monday after last week’s rise, with Brent crude and crude oil both down nearly 1% in early trading.
Bets for an early interest rate cut were further curtailed last week as prices surged following inflation figures released from the United States.
Meanwhile, sentiment regarding supply constraints is improving due to the easing of tensions in the Middle East.
Tesla shares rose nearly 5% in premarket trading Monday, but fell 1.1% Friday amid mixed news for the electric car company.
CEO Elon Musk has reportedly secured key approvals to bring the company’s self-driving software to market in China, following an announcement of job cuts in the region. .
Reuters reported, citing two people familiar with the matter, that the company has reached an agreement with Baidu (BIDU) to use the Chinese tech company’s mapping license to collect data on China’s public roads.
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The collection and storage of data in China, and how much of that data is allowed back into the United States, has long been a major concern for U.S. companies interacting with mainland China and vice versa. There is.
Mr. Musk is seeking approval to transfer domestically collected data overseas to train algorithms for self-driving cars, people familiar with the matter told Reuters.
The normally stable yen has been trading volatile for several days, falling 1.5% against the dollar overnight as traders focus on the possibility of further government intervention in the economy. It reached its lowest price since then.
Last month, Japan’s central bank raised interest rates for the first time in 17 years, pushing the key benchmark interest rate above zero. The Bank of Japan’s latest move left interest rates unchanged on Friday.
Neil Wilson, chief market analyst at Finalt, said: “The Bank of Japan’s dovish stance of keeping interest rates unchanged last weekend was a clear invitation to yen sellers. However, Japan is currently closed due to holidays.”
“Authorities have been reluctant to use dry powder to counter the trend of rising Treasury yields, but this feels like an intervention.”
The yen has historically been considered a safe-haven asset.
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