In a statement issued early Thursday to the London Stock Exchange, the deal values each Hipgnosis share at £0.93, a premium of roughly one third the royalty fund’s price at the close of trading on Wednesday.
Compiled by the board’s lead independent adviser, Shot Tower Capital, the report found that Hipgnosis Song Management, run by Hipgnosis founder and music manager Merck Mercuriadis, materially overstated the fund’s revenue and earnings before interest, taxes, depreciation and amortization and supported catalog acquisitions with financial analysis that failed to meet “music industry standards.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: