Schibsted today announced that superstar Jay-Z buys Aspiro whose main activity is music now Wimp via the company Project Panther Bidco for 464 million Swedish crowns.
Schibsted, which owns 75 percent stake in the Streaming Media which in turn owns 75.9 percent of shares in Aspiro has accepted the offer.
The other two owners are Platekompaniet and investment company Verdane.
– Schibstedt believes that there is a great potential for the company to grow further. Aspiro need much capital to expand and is a dedicated owner to be able to compete in the global market for music streaming, says Trond Berger, CEO of Schibsted.
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Aspiro share price closed at 0.66 Swedish crowns per share yesterday. The bid is located at 1.05 dollars on the stock.
“The price offered for the shares represents a premium of 59.1 percent for Aspiro shares in relation to the closing price on January 29, 2015, the last trading day before the announcement of the Offer “it is clear from a press release from Aspiro.
The price also represents a premium of 58.7 percent for Aspiro shares in proportion to the volume weighted average share price during the 90 calendar days ended January 29, 2015 of 0, 66 crowns, says the company.
Aspiro’s Board of Directors recommends that shareholders accept the offer.
The company has also obtained a fairness opinion from ABG Sundal Collier.
SEB is a financial advisor and Roschier Attorneys (relating to Swedish law), Thommessen (relating to Norwegian law) and Cummings & amp; Lockwood and Pryor Cashman (regarding US law) as legal advisors to
Panther.
The Board of Directors of Aspiro has engaged Mooreland Partners LLP as financial advisor and Vinge as legal advisor.
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