Shareholders in Hipgnosis Songs may not yet be singing Sweet Dreams Are Made Of This but an emerging bid battle for the troubled royalties fund has at least restored the shares to their original launch price six years ago. The specialist investment company, which holds the rights to the Eurythmics hit along with 65,000 other songs, has soared 42pc, or 31p, to 101p in the past week after its board received two offers for the dollar-based portfolio. For a fund named after the design company responsible for iconic album covers from 1970s rock giants Pink Floyd and Led Zeppelin, among others, this looks a much better picture. Shares that peaked at 129p in late 2021 and plunged to 58p in early March have rallied 71pc since then. Speculation of a bid had mounted as Hipgnosis assessed its options following a shareholder revolt last October when investors voted against the fund’s continuation. Last Thursday, Concord, a music rights group based in Nashville, Tennessee, announced it had the board’s recommendation to buy the company for $1.4bn (£1.1bn) in cash, or $1.16 (94p) per share. Backed with finance from Apollo Global Management in New York, Concord agreed to pay 4.3pc more than the...