Hipgnosis said it would look at all options, including "future management arrangements", to maximise shareholder value but said it did not envisage a sale of the company in the process.
Asset Value Investors, which manages a 5% stake in Hipgnosis on behalf of institutional clients, had opposed the company's deal to sell some of its music catalogues to a group backed by private equity firm Blackstone (BX.N) for $465 million.
It also asked fellow shareholders to vote against the sale at the company's general meeting on Oct. 26. Hipgnosis said its board continued to recommend shareholders vote for the sale.
The company's shares have slumped 41% in the five weeks since it announced of sale of 29 music catalogues - including songs by pop star Shakira and rapper Nelly, and a collection of non-core songs.
