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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