Blackstone Inc. (NYSE:BX) on June 25, 2024 said it will not raise its offer of USD 1.31 per share in cash for Hipgnosis Songs Fund Limited (LSE:SONG) which values the UK music rights owner at USD 1.58 billion (EUR 1.48 billion). The latest proposal was made in early June after previously Hipgnosis accepted Blackstone's raised takeover offer worth USD 1.57 billion, abandoning its deal with US music company Concord. Blackstone earlier said that the latest increase in its offer was due to the lower-than-expected adviser fees being incurred by Hipgnosis in relation to the transaction.

The terms of the deal have also been revised in terms of its nature, which was changed from a takeover to a scheme of arrangement, meaning that it needs to be approved by at least 75% of Hipgnosis shareholders.