The investment advisor for the troubled fund says it has "repeatedly been blamed" for issues that were not its responsibility.
The board of directors of the music royalty fund say they would switch their support from Concord's bid to the private equity giant's offer if Blackstone makes it official.
The private equity firm offered $1.24 per share, versus Concord's $1.14 per share offer issued on Thursday (April 18).
Following last week's no continuation vote, the fund's board has six months to form plans to improve share price and stability—and that may include liquidating.
A majority of shareholders of the music royalty fund voted 'no' to continuation and rejected a plan to sell rights to songs by Shakira and Barry Manilow.
Ahead of next week's continuation vote, the London-listed fund's board says it explored firing its investment advisor, run by fund founder Merck Mercuriadis.
Shareholders will meet on Oct. 26 to vote on a proposed $440 million asset sale and whether to keep the fund going under Merck Mercuriadis' advisory.
