(Bloomberg) -- Blackstone Inc. is finalizing a revised offer to buy Hipgnosis Songs Fund Ltd. as the private equity firm looks to intensify a bidding contest for the London-listed music rights investor, Sky News reported.

The new offer from Blackstone will be a significant improvement on the bid made by Concord, which has been recommended by the board of Hipgnosis, Sky News said, citing people familiar with the matter.

In a regulatory filing on Wednesday, Concord agreed to acquire Hipgnosis for $1.51 billion, which equates to $1.25 per share. This was an increase from the previous agreed bid of $1.16 per share.

The revised deal from Concord, which is backed by Apollo Global Management Inc., was just above Blackstone’s proposal of $1.24 per share. Hipgnosis owns the song catalogs of Blondie and the Red Hot Chili Peppers. 

An acquisition would cap a period of turmoil for Hipgnosis, which has struggled to recoup its investment in music rights.

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