April 22 (Reuters) - Hipgnosis Songs Fund 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.

(Reporting by Prerna Bedi in Bengaluru; Editing by Sherry Jacob-Phillips)