Jay Z’s TIDAL has yet to prove it self as a reputable force within the music industry, but it seems like financial benefactors are already sold.
Aspiro shares for the company that owns the revamped service have skyrocketed in the wake of the star-studded unveiling.
Shares in music streamer Aspiro, a majority of which was bought earlier this month by hip-hop star Jay-Z, soared on Tuesday to as much as 11 times the price at which remaining shares will be acquired in a compulsory squeeze-out only days away.
In what appeared to reflect investors clamouring too late for a piece of Aspiro’s music streaming service Tidal, the shares were up 938 percent at 11 Swedish crowns just before trading was halted.
The event is likely to have spurred interest in Aspiro’s stock, lifting it to a level where buyers looked set to face losses of some 90 percent given the looming squeeze-out of the rump left after Jay-Z’s $54 million acquisition of the company.
Those remaining shares will be bought at 1.05 crowns each.
“There are reasons to suppose that some have not noticed the communication around the bid,” said Nasdaq OMX Stockholm spokesman Martin Hedensio.
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