In a statement via Digital Music News, the Aspiro shareholders association explained their reasoning for "questioning the offer price" and as of yet "have not taken a final position," so nothing has been set in stone. The statement is translated from Swedish, so the language may not be exact:
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 purchase includes Aspiro cash 63.5 million (December 31, 2014) and significant value of tax loss (which were not reported).
The statement additionally raises questions about an independent bid committee that has not answered the questions of the shareholders to their satisfaction.
The takeover bid was seen as a move by Jay Z to move into the crowded streaming market, with TIDAL, the hi-fidelity streaming service, which just launched in the United States this past fall, and WiMP, which has a strong user base in Europe.
We will keep you updated on how the battle between the shareholders and Project Panther plays out and if the bid has to be raised to meet the expectations of shareholders.
© 2024 MusicTimes.com All rights reserved. Do not reproduce without permission.
