Round Hill Music Royalty fund agrees to $470m takeover offer

The offer is at $1.15 per share, a 67% premium to the $0.69 closing price on 7 September and an 11.5% discount to the economic NAV per share of $1.30 as at 8 September. Under the terms of the deal, which has received the board's unanimous support, Concord will acquire the entire issued share capital of RHM. The bid requires approval from 75% of shareholders, but already has irrevocable undertakings from 33.1% of share capital, including Round Hill CEO Josh Gruss. "The board is pleased to present this opportunity for liquidity at a premium to both the share price and the IPO price, as ...