2023-09-11 18:02:49
Published on September 11, 2023 at 6:23 p.m. Updated on September 11, 2023 at 8:02 p.m.
This is a major transaction for the music rights market. Alchemy s, also known as Concord, will buy for $469 million (437 million euros) the Round Hill Music (RHM) fund, whose rights portfolio includes cult Backstreet Boys songs, certain “hits » by the Beatles or the unforgettable “What a Wonderful World” by Louis Armstrong.
Under the terms of the agreement announced Friday, Alchemy is offering $1.15 per share to acquire its competitor RHM.Following a “takeover scheme” governed by Guernsey law, the transaction must obtain the approval of a qualified majority in a vote of its shareholders. But it has already obtained the unanimous support of the RHM board of directors and the irrevocable commitment to contribute their securities from investors representing 33% of its capital. If the offer is successful, the transaction should be completed by November 1, leading to a delisting.
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