Shares in Round Hill Music Royalty Fund , which owns the copyrights to work of major artists such as the Beatles, soared as much as 67% on Friday after a $496 million buyout offer from Alchemy Copyrights.
Shares in Round Hill Music were up 64% at $1.125 by 0753 GMT, having hit a record $1.15 earlier on.
In a note, Jefferies said it expects Alchemy's offer is "highly likely to be successful" despite coming at a discount to net asset value. Shareholders in Round Hill Music will get $1.15 in cash per share, a discount of approximately 11.5% to RHM's NAV per share of $1.30 as of September 8.
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