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[QUOTE="Queen, post: 87895, member: 27"]
An activist investor already holding nearly 10% of Reservoir Media just lobbed a takeover bid valuing the indie music company at north of a billion dollars.

Irenic Capital floats a Reservoir Media buyout
[LIST]
[*]Irenic Capital Management proposed $10 to $11 per share in cash.
[*]That range values the Reservoir between $1.1 and $1.2 billion with debt.
[*]Reservoir's board is currently evaluating the unsolicited offer.
[*]Irenic holds roughly 9.2% of the company's equity already.
[/LIST]
Family control creates a massive structural hurdle
[LIST]
[*]Wesbild Inc. controls about 44% of Reservoir's total equity.
[*]Reservoir CEO Golnar Khosrowshahi's father runs Wesbild directly.
[*]Richmond Hill Investments sits on another 21% stake.
[*]Any deal needs Wesbild's blessing to realistically proceed.
[/LIST]
Irenic has been agitating for over a year
[LIST]
[*]A public push for a full strategic review started in September 2024.
[*]Irenic's February SEC filing telegraphed a possible take-private move.
[*]The fund's previous activist campaigns often ended in target sales.
[*]Co-founder Adam Katz previously ran money at Elliott Management.
[/LIST]
Reservoir's catalog and financials look solid
[LIST]
[*]Over 150,000 copyrights and 36,000 masters fill the portfolio.
[*]Joni Mitchell, Miles Davis, and Sheryl Crow headline that catalog.
[*]Q4 revenue hit $45.6 million, climbing 8% year over year.
[*]Gladys Knight and T.I. signed fresh catalog deals last quarter.
[/LIST]
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