Project Panther Bidco Ltd ("Panther") has, on 30 January 2015, through a press release, announced a public offer to acquire all the shares of Aspiro AB (the "Company" or "Aspiro") for the price of SEK 1.05 for every share in Aspiro (the "Offer"). The Offer values the equity of Aspiro at SEK 464 million, and will be settled in cash. Schibsted ASA has, through its subsidiary Streaming Media AS which Schibsted co-owns with Platekompaniet AS and Verdane Capital VIII, unconditionally and irrevocably undertaken to accept the Offer.
The independent bid committee within the Board of Aspiro has unanimously recommended to the shareholders of Aspiro to accept the offer. The Board members of Aspiro Trond Berger, CFO of Schibsted ASA and chairman of the Board of Aspiro, and Rolf Presthus have not participated in the Offer or any resolutions relating to the Offer in order to avoid any conflicts of interest.
For further details regarding the offer, please refer to the press release from Panther and statement from the independent bid committee within the Board of Aspiro.
"Schibsted and Streaming Media have been active owners of Aspiro for 3 years, and there has been significant progress made by Aspiro during this period. Schibsted believes there is a lot of potential for further growth of the Company. However, Aspiro needs substantial expansion capital and a strong and dedicated owner to be able to grow and compete on the global music streaming market. For Schibsted, Aspiro is not regarded as a core activity, and we wish to allocate our financial resources to Schibsted's core operations. Panther, which is controlled by S. Carter Enterprises, LLC, has adequate financial resources and a high level of competence in the music industry. Hence, I think they will be a better owner to lift Aspiro and its advanced music streaming service to a new level," Trond Berger, CFO of Schibsted ASA, says.
Schibsted owns approximately 75% of the shares in Streaming Media AS, which owns approximately 76% of the shares in Aspiro.
