Jay Z’s $56. 2 million bid to buy a Swedish streaming company, Aspiro, has been accepted. His bid was almost blocked by minority shareholders who were not sure of Hova’s intentions.
“We as a board tried to be as transparent as possible towards minority shareholders so that they could make the best possible assessment of the bid,” wrote Fredrik Bjorland, head of the independent bid committee in charge of reviewing the offer before it was accepted, to the website E24.
Aspiro is the parent company of two streaming services WiMP and TIDAL. There was speculation that his may not have gotten accepted because shareholders felt that his offer did not “sufficiently value” its long-term potential.