Morgan Stanley analyst Michael Cyprys raised his valuation multiple on "sticky" management fee earnings at Blackstone and increased his price target on the stock to $45 from $40 following the company's announcement of plans to convert to a C-Corporation, stating that he believes the change from a partnership should unlock value by expanding the investor base that can participate. He believes multiple expansion should more than offset the expected 2%-5% hit to EPS over the next few years and 12%-13% longer-term hit from shifting to a corporate tax rate, said Cyprys, who keeps an Overweight rating on Blackstone shares.

The company said, "The Board of Hipgnosis (HPGSF) notes the announcement by Blackstone Europe (BX), acting as sub- advisor to the Blackstone Funds and confirms that it yesterday received an improved proposal to acquire the entire issued and to be issued share capital of Hipgnosis on the terms set out in the Blackstone announcement. The Board, having reviewed the Proposal with its financial adviser, Singer Capital Markets, has indicated to Blackstone that the Proposal is at a value that it would be minded to recommend to its shareholders should Blackstone announce a firm intention to make an offer pursuant to Rule 2.7 of the Code on such financial terms." The statement comes following a Saturday announcement by Hipgnosis, which said, "Blackstone Europe LLP, acting as sub-advisor to the Blackstone Funds notes the recent speculation regarding Hipgnosis. Blackstone confirms that it has made a series of proposals regarding a possible offer for the entire issued and to be issued share capital of Hipgnosis. Blackstone furthermore notes Concord Chorus Limited's firm offer on 18 April 2024 to acquire the entire issued and to be issued share capital of Hipgnosis. Blackstone has made an improved fourth proposal to acquire the entire issued and to be issued share capital of Hipgnosis at a price of $1.24 per share in cash. Should Blackstone announce a firm intention to make an offer for Hipgnosis pursuant to Rule 2.7 of the Code under the terms of the Fourth Proposal, it is intended that such a Firm Offer would be effected by means of a takeover offer as defined in Chapter 3 of Part 28 of the Companies Act 2006. However, Blackstone would reserve the right, pursuant to its rights under the Code to implement any such Firm Offer by way of a scheme of arrangement under Part 26 of the Companies Act 2006 should a Firm Offer be announced." Reference Link