By Jack Mendel The board of music giant Hipgnosis has said it would be “minded” to switch horses in a takeover battle should a firm offer from US private equity giant Blackstone arrive. Last week the board received and recommended a £1.1bn offer from US firm Concord Music. However the weekend saw Blackstone muscle in on the deal with a £1.2bn offer, the latest in a series of bids. “The Board, having reviewed the Proposal with its financial adviser, Singer Capital Markets, has indicated to Blackstone that the Proposal is at a value that it would be minded to recommend to its shareholders should…