Hard knock life: Jay Z faces defeat in Aspiro bid

With a net worth of $520 million, Jay Z may have the edge in the world of music. But with business ventures, he could still suffer the odd hard knock.

In recent months, Jay Z has shown a growing interest in purchasing Swedish music streaming service Aspiro as a way to take on the likes of Apple and Spotify, who are currently dominating the music streaming world.

Jay-Z
Jim McIsaac | Getty Images
Jay-Z

In January, Project Panther Bidco - a company owned by Jay Z -- put in a bid of $56 million for the Swedish company. However, it now seems that more than 10 percent of the minority shareholders of Aspiro intend on rejecting his offer.

The board of the company has backed the proposal. However, the Chairman of the Shareholders' Equity Association at Aspiro Power, Sune Karlsson, told Dagens Industri, a Swedish financial newspaper, that "we will recommend our members to say no to the offer. We have accumulated more than 10 percent of the owners, which is enough to block it."

In February, a statement published by Aspiro Share Power, an association for minority shareholders, said the bid failed to represent the true value for the streaming service business.

If more than 10 percent of the shareholders reject the bid, Jay Z's bid cannot fully go through and must instead settle for a smaller slice in the business.

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The clock is now ticking, as the bid made by Project Panther Bidco is set to expire on Wednesday 11th March.

Meanwhile other shareholders, including The Aspiro Group's main shareholder, Streaming Media, have "irrevocably and unconditionally committed to accept the offer," according to an online statement made on Aspiro Group's website.

Aspiro Group currently owns two music streaming services 'WiMP Music' and 'TIDAL Hi-fi', alongside the syndication platform 'RADR Music News.'

Even if Jay Z doesn't win this deal, he has many other business ventures that he can invest his time in; with him having previous forays in the beverage, music and retail sectors.

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