The purchase of WiMP and Tidal’s parent company Aspiro by Jay-Z’s Project Panther looks a done deal, given that it’s already been approved by the company’s board and major shareholders. However, minority shareholders are protesting, with a group representing 10% of the shares now organising itself online to demand more details from Aspiro. “With the information we have received so far, we can not make a final decision on the bid,” claims its (Swedish) website.
“We believe that it is missing important information from Aspiro, mainly concerning future capital requirements and the value of the Company’s losses carried forwards.” The shareholders are also claiming that the Project Panther bid – $56m – may undervalue Aspiro. “Minority shareholders have loyally contributed to the financing of Aspiro up to today’s level. The offer provides no premium for this, which feels very unsatisfactory,” claims the site. But as we said, the campaign looks unlikely to be able to derail the deal.
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