Jay Z’s bid for Swedish streaming company Aspiro has been accepted
Update, March 11: Aspiro’s minority shareholders have dropped their objections and accepted Jay Z’s bid.
“We have together with the major shareholders decided that it is best to accept the bid,” the leaders of the minority shareholders said in a statement, reported by Norwegian entertainment newspaper E24 on March 10. This change of heart means that Project Panther Bidco, the investment group led by Jay Z, should be able to buy Aspiro within the next few weeks. [via Music Business Worldwide]
Update, March 13: The move is now official.
The company’s minority shareholders are looking for better terms.
Last month it was reported that Jay Z had put in a $56 million bid to buy Aspiro, a Swedish company that owns both the WiMP streaming service and its audiophile offering Tidal. Unfortunately it looks like the rapper might have to wait a bit longer until he can own a brand to rival Apple’s Beats Electronics.
Swedish newspaper Dagens Industri reports that Jay Z’s bid is being blocked by the company’s minority shareholders, who own 10 per cent of the company. It comes as a blow for both rapper and Aspiro’s board of directors, who previously recommended the deal unanimously.
Despite this setback, it’s not completely over for Jay Z’s bid. The acceptance period for Jay Z’s offer ends on March 11, and the shareholders are trying to start talks to secure better terms – they were unhappy with the original valuation and questioned how much money the rapper would be able to bring to help finance the company’s expansion into untapped international markets. [via The Next Web]