Thursday, March 28, 2024

Jay Z’s $56M Bid for Swedish Streaming Service May Be Rejected

Jay Z NBA All-Star Game 2015
Rapper Jay Z attends the 2015 NBA All-Star Game at Madison Square Garden on February 15, 2015 in New York City

*Swedish financial paper Dagens Industri reports that the minority shareholders of Aspiro AB — the streaming company Jay Z recently bid $56 million to acquire, via Shawn Carter Enterprises subsidiary Project Panther Bidco — are preparing to reject his offer, reports Billboard.com. The minority shareholders control 10 percent of the company.

Aspiro AB’s minority shareholders association recommended the bid be rejected on grounds that Project Panther Bidco hasn’t made clear its plans for international expansion, nor the calculations that went into the initial $56 million bid. (The initial bid was, according to the initial announcement, based on a 56.9 premium over the company’s stock price the day previous to the announcement.)

Majority shareholders, a group mostly comprised of senior executives in the company, unanimously accepted the bid when it was first announced, and recommended shareholders do the same.

The next step for Project Panther Bidco and Aspiro’s minority shareholders are negotiations, which will be led by Sune Karlsson, chairman of the minority shareholder association. All parties have until March 11 to accept or reject the offer.

The most recently available report lists Aspiro as having 512,000 paying subscribers.

We Publish News 24/7. Don’t Miss A Story. Click HERE to SUBSCRIBE to Our Newsletter Now!

YOU MAY LIKE

SEARCH

- Advertisement -

TRENDING