(Reuters) – Private equity giant Blackstone (NYSE:) is preparing to submit an improved bid for the Hipgnosis Songs Fund, which owns the music rights of artists such as Shakira and Blondie, Sky News reported on Sunday.
Blackstone’s offer would beat independent music company Concord’s offer of $1.25 a share, the British broadcaster said, adding that Blackstone would submit an improved offer as early as Monday.
Blackstone declined to comment on the report, and Hipgnosis reached out to Blackstone following a Reuters request for comment.
The report comes after Nashville-based Concord on Wednesday raised its price on Hipgnosis to $1.25 a share, slightly above Blackstone’s previous offer of $1.24.
Blackstone made its fourth and final offer over the weekend, valuing Hipgnosis at $1.24 per share in cash.
The agreement with Blackstone will add more than 65,000 songs to Blackstone’s portfolio, which includes songs by Justin Bieber and Justin Timberlake, including tracks by the Red Hot Chili Peppers and Neil Young.
The takeover battle for Hipgnosis comes as the fund, founded by industry veteran and former Merck CEO Mercuriadis in 2018, launched a strategic review last year after a shareholder vote against continuing the fund led to a board overhaul and portfolio revaluation.