Jay Z

Reports circulated in January that Jay Z had acquired Swedish music service Aspiro AB for $56 million. However, his bid may be rejected.

According to Billboard, the offer was made by Project Panther Bidco, a subsidiary of Jay Z’s Shawn Carter Enterprises, but may be rejected because of minority shareholders, who control 10 percent of service.

The minority shareholders are reportedly concerned that Project Panther Bidco hasn’t been upfront with “its plans for international expansion” and “the calculations that went into the initial $56 million bid.”

Now, a March 11th deadline has been set for both sides to begin negotiations and decide whether or not to accept or deny any offers.

The music streaming service currently has 500,000 paid users.

“Panther believes that the recent developments in the entertainment industry, with the migration to media streaming, offers great potential for increased entertainment consumption and an opportunity for artists to further promote their music,” a spokesperson for Project Panther Bidco said in a statement. “Panther’s strategic ambition revolves around global expansion and up-scaling of Aspiro’s platform, technology and services.”