(Reuters) - Blackstone made a potential offer to buy Hipgnosis Songs Fund ( HPGSF ) for about $1.5 billion, outbidding Concord and triggering a takeover battle for the company that owns rights to music by artists including Shakira and Red Hot Chilli Peppers.

Music rights investment firm Hipgnosis said on Monday it would recommend a higher Blackstone bid if the world's largest private equity firm were to table a formal offer.

Blackstone's fourth and latest proposal valued Hipgnosis at $1.24 per share in cash, Blackstone Europe said in a statement dated April 20.

Hipgnosis had last week agreed to a $1.4 billion deal with Concord Chorus, valuing it at $1.16 per share in cash.

"The Board and its advisers will continue to provide Blackstone and its advisers access to confirmatory due diligence, to enable Blackstone to announce a firm intention to make an offer, as soon as possible," Hipgnosis said.