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Jay Z has 99 problems and the shareholders of Swedish streaming company Aspiro are a majority of them. After rumblings of discontent from a minority group of shareholders, that same batch officially moved to block HOVs $56 million takeover bid of the Swedish company, which is the parent for WiMP and TIDAL. -
Jay Z's Takeover Bid of Aspiro Hits Snag: Shareholders Say $56M Offer Undervalues Co.
Jay Z made big news when it was announced that a takeover bid of 464 million Swedish krona -- $56 million -- was made for Swedish IT company Aspiro, the parent company of WiMP and TIDAL, through his Project Panther Bidco, a subsidiary of his S. Carter Enterprises. Aspiro management, pending shareholder approval, quickly approved the bid and the shareholders have handed down their decision, saying the price undervalues the company because it "does not sufficiently value" its long-term potential.
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