HSF shares have recently been trading above the latest offer prices, suggesting some investors expect the bidding to continue.
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 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 deal values each Hipgnosis share at £0.93, a premium of roughly one third the royalty fund’s shareprice at the close of trading on Wednesday.
An internal report released by the new board of directors detailed how accounting practices “materially” overstated annual revenue, among other issues.
Shot Tower Capital says inadequate financial analysis and management from the investment adviser led to inaccurate information at multiple levels.
The worth of the company’s catalog was cut by 26% last week, confirming many investors’ suspicions that previous valuations had overshot the mark.
The fee is meant to reduce risk for bidders with "bona fide" offers.
Mercuriadis will transition to chairman, with Ben Katovsky rising to chief executive as the advisor eyes smoother relations with its publicly listed royalty fund.