The bid, issued by Blackstone Europe LLP, proposes to acquire Hipgnosis’ entire catalogue – which includes songs by Justin Bieber, Shakira, and Neil Young – at a price of US$1.24 per share, according to the offer submitted on Saturday.

Hipgnosis – co-founded in 2018 by legendary guitarist and producer Nile Rodgers and Merck Mercuriadis, the former manager of Beyonce and Elton John – manages the rights to more than 150 of the world’s biggest song catalogues.

But the London-listed fund, which has been plagued by concerns over asset valuations, recently slashed the value of its songs catalogue by more than a quarter to US$1.93 billion.

That came after HSF revealed in December that its first-half net losses tripled on tumbling sales.

On Thursday it tentatively accepted the US$1.4 billion takeover bid from Concord.

The offer was a 32% premium on Wednesday’s closing share price.

In reaction, HSF shares surged 30% on Thursday.

“Blackstone strongly encourages the Board of Hipgnosis to recognise the significant increase in value available to all shareholders,” the company said in announcing its rival bid.