The U.S. private equity group raised its offer from US$1.30 a share to US$1.31 and proposed restructuring the deal as what’s called a “scheme of arrangement,” which would increase the number of shareholders needed to approve it. The new offer would value U.K.-listed Hipgnosis Songs Fund, run by Canadian music executive Merck Mercuriadis, at US$1.58 billion, up from its initial US$1.5-billion bid. (The Logic)

Talking point: The takeover would require support from 75 per cent of shareholders and would become binding for the remaining 25 per cent. Blackstone’s earlier offer required just 55 per cent shareholder support. The firm has been in a bidding war with Concord Chorus to buy Hipgnosis, which owns a portfolio of music royalties from artists including Justin Beiber, Dua Lipa and Neil Young. The fund ballooned during the pandemic-era music rights buyer spree, but has struggled to recover from a 2022 drop in the market. Mercuriadis moved from CEO to chairman in February, amid a strategic review of the company.