News - 04/03/2015

Jay Z's bid for Aspiro may have hit a stumbling block as over 10% of shareholders oppose it

Jay Z's bid for Aspiro may have hit a stumbling block as over 10% of shareholders oppose it

The Aspiro Shareholders Association, which represents minority shareholders in the company, after studying the takeover proposal made by Jay-Z's company Project Panther Bidco has recommended its members not to accept the offer. The association maintains that it represents over 10% of shareholders who are opposed to the bid and that the current bid cannot be completed unless the offeror waives the condition requiring him to take control of at least 90% of the company's shares.

The head of the Association Carl Rosén questioned the complete lack of communication from the bidder stating: "The motive for the bidder's passivity is shrouded in mystery". The association calls for shareholders to consider the fact that their opposition could block the compulsory acquisition of the minority shares and that they can withdraw their acceptance before the 11th of March if they have already accepted. 

This could represent a major stumbing block for the bid, and we'll keep following this story in the coming days figure out the outcome. 

(Andrea Leonelli) 

 

 

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