Hipgnosis in takeover tussle as UK music investor says it would accept rival bid

Possible counteroffer by Blackstone could derail agreement with US fund Concord Chorus

The troubled owner of music back catalogues ranging from Beyonce to Neil Young has said it would accept a takeover offer from Blackstone, after the private equity investor revealed it was considering outbidding a rival rights owner's deal.

Hipgnosis Songs Fund (HSF) launched a strategic review after a turbulent period on the London Stock Exchange, and now faces the prospect of a takeover contest after saying on Sunday it would back Blackstone's approach over last week's agreement with Concord Chorus.