Shareholders in Scandinavian tech firm Aspiro have claimed Jay Z’s $56 million offer for the company does not sufficiently value its potential.
Digital Music Week reports that the company, owner of Tidal and WiMP streaming services, made $35m in 2014.
“The minority shareholders of more than 10% of the shares of Aspiro are questioning the offered price of the shares,” says a statement from Aspiro Shareholders Association.
“The association has audited the written offer from the Panther Group (Jay-Z) and has not yet taken a final position. We believe that the lack of information from Aspiro makes it hard to evaluate the offer correct.
“A consistent view of the minority shareholders who have registered their holdings with the association is that the offer does not sufficiently value the company’s potential. Especially given the extensive investments and launches conducted during the fall of 2014. In addition launches are planned in a further 20 countries in Q1 2015.”
The statement continues: “Aspiro Shareholders Association has raised questions about the company to the ‘independent bid committee’, which we requested answers to a number of important issues and we have so far not received a response.
“Shareholders in the minority have loyally contributed to the financing of Aspiro up to today’s level. The offer provides no premium for this, which feels very unsatisfactory.”