Swedish financial paper Dagens Industri reports that the minority shareholders of Aspiro AB — the streaming company Jay Z recently bid $56 million on, via Shawn Carter Enterprises subsidiary Project Panther Bidco — are preparing to reject his offer. The minority shareholders control 10 percent of the company.
Aspiro AB’s minority shareholders association recommended the bid be rejected on grounds that Project Panther Bidco hasn’t made clear its plans for international expansion, nor the calculations that went into the initial $56 million bid. (The initial bid was, according to the initial announcement, based on a 56.9 premium over the company’s stock price the day previous to the announcement.)
Majority shareholders, a group mostly comprised of senior executives in the company, unanimously accepted the bid when it was first announced, and recommended shareholders do the same.
The next step for Project Panther Bidco and Aspiro’s minority shareholders are negotiations, which will be led by Sune Karlsson, chairman of the minority shareholder association. All parties have until March 11 to accept or reject the offer.
The most recently available report lists Aspiro as having 512,000 paying subscribers.
Representatives from Shawn Carter Enterprises/Roc Nation did not immediately respond to a request for comment.