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In a letter to shareholders on Monday, Asset Value Investors (AVI) said it would vote against the deal and asked fellow investors to do the same, citing "uncompetitive nature" of the process and lack of an "up-to-date valuation" that made it unlikely to be the best deal for them. AVI manages a 5% stake in the music investor on behalf of its institutional clients. Last month, Hipgnosis announced it would sell 29 music catalogues - including songs by pop star Shakira and rapper Nelly, and a collection of non-core songs - to a partnership between the company's investment adviser and funds advised by Blackstone.