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Jay Z's Tidal takeover now likely to go ahead

Jay Z's on/off bid to buy high-quality streaming services Tidal and WiMP now looks likely to go ahead, with the majority of shareholders now seemingly in favour of the takeover.

The deal was made public in January, when Project Panther Bidco, a company owned by Jay Z's S. Carter Enterprises, launched a $56m (£37m) takeover bid for Norwegian company, Aspiro.

Aspiro is the parent company of lossless streaming services Tidal and WiMP, the latter of which is only available in select, mainly Nordic, countries.

Last week it was reported that some shareholders wanted to block the deal. Now leaders of the group have written to Norwegian news site, E24, to say they've had a rethink: "We have together with the major shareholders decided that it is best to accept the bid."

The Aspiro board had already advised its shareholders to accept the bid, so there don't seem to be any obstacles remaining for the Tidal takeover.

The deal would value the equity in the company at 464 million Swedish Kroner or around £36 million.

It was reported that around 81% of the shareholders had already approved the deal, and that the support of this previously hostile group would take the approval percentage well over 90%.

The deadline for the bid is today, Wednesday 11th March.

[via Music Business Worldwide]