Billboard.com reports that an offer of $56 million was made by Project Panther Bidco, but may be rejected due to minority shareholders who control 10 percent of Aspiro.
According to the website, among the concerns of the minority shareholders is the fact that Project Panther Bidco hasn’t been upfront with “its plans for international expansion” and “the calculations that went into the initial $56 million bid.”
Aspiro’s minority shareholders and Project Panther Bidco now have until March 11 to begin negotiations and decide whether or not to accept or deny any offers.
At the top of this year, it was reported that Jay Z put in his bid for the music streaming service, which currently has 500,000 paid users, in December, and shortly after received preliminary acceptance by the company’s board.
“Panther believes that the recent developments in the entertainment industry, with the migration to media streaming, offers great potential for increased entertainment consumption and an opportunity for artists to further promote their music. Panther’s strategic ambition revolves around global expansion and up-scaling of Aspiro’s platform, technology and services,” a spokesperson for Project Panther Bidco said in a statement in January, according to Billboard.com.
For additional Jay Z coverage, watch the following DX Daily:
(March 4, 2015)
UPDATE: Jay Z’s bid to purchase Aspiro has been accepted, according to to Billboard.
The news was first reported by Swedish publication E24, Billboard says.