Tidal shareholders could reject Jay Z's takeover bid

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The hip-hop star's £37m takeover bid for Tidal's parent company Aspiro has been rejected by 10 per cent of shareholders.

So far only 10 per cent of Aspiro's investors have said no, but that could be enough to prevent the takeover from happening.

The deal, which was revealed back in January, was set to see 'Project Panther', a company indirectly owned by Jay Z's S. Carter Enterprises, buy Aspiro, the company that runs Tidal (and also WiMP).

The star now faces three options: opting to acquire a smaller stake, increasing his bid, or walking away from the deal. He is reportedly yet to respond.

While some shareholders are seemingly against the bid, a number of others are still in favour of the deal, most likely due to the resulting increase in share price.

The remaining shareholders and Jay Z have until 11th March to make their final decision.

MORE: Tidal review

[Source: Aktispararna via Engadget]

Max Langridge

Max is a staff writer for What Hi-Fi?'s sister site, TechRadar, in Australia. But being the wonderful English guy he is, he helps out with content across a number of Future sites, including What Hi-Fi?. It wouldn't be his first exposure to the world of all things hi-fi and home cinema, as his first role in technology journalism was with What Hi-Fi? in the UK. Clearly he pined to return after making the move to Australia and the team have welcomed him back with arms wide open.