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Message: [QUOTE="Queen, post: 87673, member: 27"] A hostile bid worth up to $1.2 billion just landed on Reservoir Media's desk from one of its own biggest shareholders. Irenic Capital makes its move on Reservoir [LIST] [*]Irenic Capital Management lobbed an unsolicited takeover offer. [*]Per-share pricing sits between $10 and $11. [*]Reservoir's stock popped 15% on the news alone. [*]Financing talks with private credit firms are underway. [/LIST] Ownership structure complicates any buyout [LIST] [*]Wesbild Inc controls around 44% of Reservoir's equity. [*]Golnar Khosrowshahi's father runs Wesbild directly. [*]Richmond Hill Investments holds roughly 21% on top. [*]Irenic's 9.2% stake makes it a major shareholder. [/LIST] Activist pressure has been brewing for months [LIST] [*]Irenic demanded a full strategic review back in 2024. [*]Reservoir pushed back, saying it valued shareholder input. [*]An amended SEC filing floated a possible take-private deal. [*]Katz's fund has a track record of forcing sales. [/LIST] Reservoir carries a hefty catalog portfolio [LIST] [*]Over 150,000 copyrights and 36,000 master recordings exist. [*]Joni Mitchell, John Denver, and Sheryl Crow feature prominently. [*]Miles Davis' catalog got scooped up in September 2025. [*]Gladys Knight and T.I. deals dropped last quarter. [/LIST] Financials show steady upward momentum [LIST] [*]Quarterly revenue hit $45.6 million with 8% yearly growth. [*]Adjusted EBITDA rose 11% to reach $19.2 million. [*]Reservoir has poured $876 million into acquisitions since 2007. [*]Tommy Boy's $100 million purchase landed back in 2021. [/LIST] [/QUOTE]

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