NEW YORK (Hypebot) – More than 120 shareholders in Aspiro have joined together to challenge Jay Z's $56 million bid to acquire the company's two streaming music services WiMP and high definition music channel Tidal.
A group of 120 Aspiro shareholders are banning together to challenge Jay Z's $56 million bid to buy streaming music services WiMP and Tidal. "A consistent view of all registered shareholders is that they believe that the bid is bad and not sufficiently value the company's potential," the shareholders said in a statement that continued:
The shareholders point out that the company made "extensive investments and launches conducted during the fall of 2014 in 5 countries including USA and England. In addition launches are planned in a further 20 countries in Q1 2015." The purchase also includes $63.5 million as of December 31, 2014)and significant value of tax loss, which was not reported, according to the shareholders.
So far the group represents 10% of shareholders, which is likely slow the purchase and could force Jay Z to up his offer. Both sides may want to move quickly, however, records show that Aspiro is burning through cash.