Merck Mercuriadis seems willing – currently – to trade in his ‘call option’ at Hipgnosis Songs Fund. So why is the company’s board offering to ‘bribe’ potential bidders with a £20 million bung in an attempt to offset it?

Earlier this week, Merck Mercuriadis offered to exchange his 'call option' for a multi-year guarantee that HSM will remain HSF's investment adviser

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