Jay Z's had his Tidal bid rejected

It appears Mr Z does have indeed have several problems – with Tidal's investors

Jay Z's had his Tidal bid rejected

Back in January, multi-millionaire rap mogul Jay Z made a $56 million bid to takeover Aspiro, the parent company of lossless streaming service, Tidal.

Now it seems that bid has been rejected, by more than 10% of Aspiro's current investors, enough to block the takeover.

It's claimed that Jay has yet to respond to the recent developments, but it could go one of three ways: he could choose to acquire a smaller percentage of the company; raise his bid; or withdraw completely. 

Carl Rosén, CEO of Shareholders' Association, has commented on Jay Z's silence, by saying "the motive for the bidder's passivity is shrouded in mystery".

The shareholders in favour of the bid have been given the option to change their mind, but they have until March 11th to do so. If Jay Z loses this support, the whole process would be made null and void. 

[Source: Aktispararna via Engadget]