US asset manager Blackstone has made a $1.5 billion takeover bid for UK music rights owner Hipgnosis Songs Fund, beating out rival Concord's offer.

The bid, issued by Blackstone Europe LLP, proposes to acquire Hipgnosis' entire catalogue -- which includes songs by Justin Bieber, Shakira and Neil Young -- at a price of $1.24 per share, according to the offer submitted on Saturday.

Hipgnosis -- co-founded in 2018 by legendary guitarist and producer Nile Rodgers and Merck Mercuriadis, the former manager of Beyonce and Elton John -- manages the rights to more than 150 of the world's biggest song catalogues.

But the London-listed fund, which has been plagued by concerns over asset valuations, recently slashed the value of its songs catalogue by more than a quarter to $1.93 billion.

That came after HSF revealed in December that its first-half net losses tripled on tumbling sales.

On Thursday it tentatively accepted the $1.4-billion takeover bid from Concord.

The offer was a 32-percent premium on Wednesday's closing share price.

In reaction, HSF shares surged 30 percent Thursday.

"Blackstone strongly encourages the Board of Hipgnosis to recognise the significant increase in value available to all shareholders," the company said in announcing its rival bid.