Haavind assists Aspiro AB (WiMP, TIDAL) in relation to public offer made by Jay Z

Project Panther Bidco, controlled by the rap artist Jay Z, placed on January 30th a public offer to tender all shares in Aspiro to Panther. In relation to the offer, Haavind, represented by principal associate Arne Steen Slåttå and partner and Head of Technology, Media & IPR Leif Eirik Thrane, provided its legal services to Aspiro.

Project Panther Bidco, controlled by the rap artist Jay Z, placed on January 30th a public offer to tender all shares in Aspiro to Panther. In relation to the offer, Haavind, represented by principal associate Arne Steen Slåttå and partner and Head of Technology, Media & IPR Leif Eirik Thrane, provided its legal services to Aspiro.

On March 13th 2015, Bidco announced that all conditions to complete the offer were fulfilled, that it was declared unconditional and that a process for compulsory acquisition of the remaining shares in Aspiro as well as delisting of Aspiro’s shares from Nasdaq Stockholm was initiated. The company reported today that 95.18 percent of the shareholders had agreed to the offer and that the acceptance period for remaining shareholders was extended to March 27th 2015.

In numbers of Internet users subscribing to music streaming services, the Nordic countries are in front, and Norwegians are heading the field. According to TONO, eight million in the Nordics subscribe to services such as WiMP, and the survey identified that 36 percent of Norwegians state that they pay for music streaming services.

Aspiro AB, of which 76 percent is owned by the Schibsted-controlled company Streaming Media AS, is the Scandinavian provider of streamed music behind the services WiMP and TIDAL, listed on Nasdaq Stockholm and with corporate headquarters in Oslo. In an article autumn 2014, Billboard ranked WiMP as the seventh largest music streaming service, with over 580 000 subscribers.

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