Tidal shareholders could reject Jay Z's takeover bid

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 was a staff writer on What Hi-Fi? and subsequently spent a good few years writing news and features for various technology and hi-fi publications, before jumping on a plane in search of a more fruitful life in Australia. Now based in Byron Bay, he writes about tech, health, fitness and style.