April 22 (Reuters) - Hipgnosis Songs Fund ( HPGSF ) said

on Monday Blackstone has made an improved proposal that it would

be "minded" to recommend to shareholders if the private equity

giant were to table a formal offer to buy the music rights

investment firm.

Hipgnosis, owner of music by several artists including

Shakira, Red Hot Chilli Peppers and Journey, had last week

agreed to a $1.4 billion deal with Concord Chorus, valuing it at

$1.16 per share in cash.