Concord's offer of $1.25 per share has been rejected, with HSF directors now recommending shareholders go with Blackstone.
The Nashville-based company is now offering $1.25 per share, a penny more than Blackstone's possible bid, and says it wants to sell 30% of the fund's assets.
As Concord and Blackstone vie to acquire the embattled song fund, Merck Mercuriadis' future with its investment adviser remains unclear.
The investment advisor for the troubled fund says it has "repeatedly been blamed" for issues that were not its responsibility.
The board of directors of the music royalty fund say they would switch their support from Concord's bid to the private equity giant's offer if Blackstone makes it official.
The private equity firm offered $1.24 per share, versus Concord's $1.14 per share offer issued on Thursday (April 18).
The year saw K-pop companies making mega moves on a global scale, while the catalog market remained hot.
Meanwhile, Sony sweeps all three Publishers Quarterly categories for Q3 2023, while Warner Chappell jumps to second place on Hot 100.
“As institutional investors, it comes down to what is your time horizon?” says Concord CEO Scott Valentine.
With tracks by REO Speedwagon, KISS, and more, the MOJO catalog contains shares of 89 Billboard No. 1 hits.
