Blackstone has upped its offer for Hipgnosis Songs Fund by $0.01 (less than a penny) in an attempt to sweeten the deal for shareholders in its takeover pursuit. Raising its offer from $1.30 per share to $1.

The deal will need approval from 75% of voting shareholders of Hipgnosis, that owns the music rights of artists such as Shakira and Red Hot Chili Peppers, the newspaper said, citing people familiar with the matter.

Blackstone on Monday raised its offer for Hipgnosis Songs Fund by a cent to $1.31 per share, valuing the music rights owner of artists such as Shakira and Red Hot Chili Peppers at $1.58 billion. The revised offer in part reflects "Hipgnosis incurring lower adviser fees in respect of the transaction than previously expected",

It means that the deal needs to get the approval of shareholders in Hipgnosis who hold at least 75% of its shares, and then the takeover can go ahead regardless of whether a share

Blackstone has increased the value of its Hipgnosis Songs Fund takeover by $0.01 a share, following discussions with the music rights investor's board. The improved offer gives the deal to delist Hipgnosis,