HSF and Blackstone/HSM’s tense relationship aside, that bidding war proved to be the best thing that’s happened to HSF in months. On April 16, HSF was valued at just 70.5 pence (88 cents) per share, which then jumped to 92 pence following Concord’s bid two days later.

Concord, indirectly controlled by Alchemy Copyrights, said its $1.25 (£1) per share bid valuing Hipgnosis at £1.21billion would not go any higher.

Blackstone looked set to clinch its $1.57 billion deal for Hipgnosis Songs Fund after Apollo-backed Concord said on Thursday it would stick with its lower bid for the music rights owner of artists such as Shakira and Red Hot Chili Peppers.

Concord said on Thursday it would not raise its bid to beat Blackstone's $1.6 billion offer for the publicly listed music royalty fund.

Concord said its latest offer for Hipgnosis Songs Fund Ltd. is final, ending a bidding war and setting up the song catalog company to be sold to Blackstone Inc.

(Reuters) -Apollo-backed Concord said on Thursday it will stick with its offer of $1.25 apiece for Hipgnosis Songs Fund, days after Blackstone outbid it for the music rights owner of artists such as Shakira and Red Hot Chili Peppers.