Private equity giant Blackstone is preparing to lodge an improved bid for Hipgnosis Songs Fund which owns the music rights of artists including Shakira and Blondie, Sky News reported on Sunday. Blackstone's bid will trump independent music company Concord's proposal of $1.

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 private equity giant has bid £1.26 billion for Hipgnosis, which owns the rights to music from artists including Beyonce and Mark Ronson.

Blackstone looked set to clinch its $1.57 billion deal for Hipgnosis Songs Fund after Apollo-backed Concord said on Thursday it would stick with its lower bid for the music rights owner of artists such as Shakira and Red Hot Chili Peppers.

Concord said its latest offer for Hipgnosis Songs Fund Ltd. is final, ending a bidding war and setting up the song catalog company to be sold to Blackstone Inc.

Hipgnosis agreed late last month to a higher 1.56 billion US dollar (£1.25 billion) takeover by US private equity firm Blackstone in what marked the latest twist in the takeover tussle. Blackstone offered 1.

(Reuters) -Apollo-backed Concord said on Thursday it will stick with its offer of $1.25 apiece for Hipgnosis Songs Fund, days after Blackstone outbid it for the music rights owner of artists such as Shakira and Red Hot Chili Peppers.