HomeTop StoriesShares of the Beatles' copyright holders soar following a buyout offer

Shares of the Beatles’ copyright holders soar following a buyout offer

LONDON (Reuters) – Shares in the Round Hill Music Royalty Fund, which owns the copyrights to work by major artists such as the Beatles, rose as much as 67% on Friday following a $496 million buyout offer from Alchemy Copyrights.

Shares of Round Hill Music were up 64% to $1,125 by 0753 GMT, having previously hit a record high of $1.15.

In a note, Jefferies said it expects Alchemy’s offer “very likely to be successful” despite having a discount to its net asset value.

Round Hill Music shareholders will receive $1.15 in cash per share, a discount of approximately 11.5% over RHM’s NAV per share of $1.30 as of September 8.

Shares in rival Hipgnosis Songs Fund, which owns copyrights to works by the likes of Shakira and Neil Young, are up a whopping 16.5% to the top of the FTSE 350 and are on course for their biggest daily gain ever. given the positive numbers. according to Jefferies.

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Jefferies said Hipgnosis “trades at a similar discount, but is a larger vehicle, with arguably a more iconic portfolio of music.”

(Reporting by Lucy Raitano; editing by Amanda Cooper)

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