| STOCKHOLM, March 31
STOCKHOLM, March 31 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.
Some of the world's biggest music stars, including Kanye
West and Madonna, were in New York on Monday to help publicise
the launch of Tidal, which bills itself as the first service of
its kind to be owned by artists.
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.
Project Panther Bidco said this month it would start a
compulsory purchase of the remaining shares and delist Aspiro
from the Stockholm bourse. The last day of trading is April 2.
Hedensio said trading in the stock had been halted because
of the big move, while the exchange checked whether there was
any leak of information regarding the bid or any
miscommunication. That was not the case, he said, adding there
was no reason to cancel any trades.
The stock exchange reminded investors of the completed bid,
saying trade in Aspiro shares would resume at 0940 GMT, but in a
further twist prolonged the halt just before trading was due to
Hedensio said this was because more time was needed to let
the market digest the information, demonstrated by the fact
there were still orders for Aspiro far above Jay Z's purchase
He added the exchange was calling brokers to make sure they
were aware of the bid and the squeeze-out of remaining shares.
The exchange later said trading would resume at 1300 GMT,
again stressing the upcoming delisting. "NASDAQ OMX Stockholm AB
encourages all market participants to take measures to ensure
that orders are reflecting the correct market value," it said.
($1 = 8.6527 Swedish crowns)
(Additional reporting by Helena Soderpalm; Editing by David