Private equity group to improve offer for Beyoncé song fund

Blackstone to increase bid to level that would value London-listed group at nearly $1.6bn

A private equity company attempting to take over Hipgnosis has sweetened its offer to value the troubled music rights owner at nearly $1.6bn (£1.26bn) as it attempts to end a protracted sale process.

Blackstone has said it that it will switch the offer for the Hipgnosis Songs Fund to a “scheme of arrangement deal”, which would require it to meet a higher threshold of shareholder support but could make the takeover quicker if it is achieved.