LOS ANGELES (Hypebot) – Jay Z's bid to buy a pair of Scandinavian based streaming music services for $56 million has hit a snag as 10% of shareholders demand a better deal.
As we reported a week ago, a group of 120 Aspiro shareholders have banned 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.
Because the group represents 10% of all shareholders, Jay Z must now reframe his bid and purchase just 90% of the company, improve his bid to all shareholders, or withdraw the offer entirely.
"The bidder has not reacted, either by withdrawing the bid, raising the offer or lowering" the percentage sought, the Swedish Shareholders' Association said in a statement. – Staff Writers