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Message: [QUOTE="Queen, post: 87898, member: 27"] A competing takeover bid just landed at Reservoir Media barely 24 hours after the first one, turning the indie music company into the prize of a full-blown bidding war. Wesbild and Richmond Hill jump into the fight [LIST] [*]Wesbild Inc. and Richmond Hill Investments proposed $10.50 per share. [*]That counter-bid arrived just one day after Irenic's offer surfaced. [*]Wesbild and Richmond Hill already control a combined 65% stake. [*]Reservoir's stock jumped over 8% on the Nasdaq after the news. [/LIST] The board sets up a special committee to evaluate [LIST] [*]Independent directors now handle the review of both proposals. [*]Reservoir explicitly offered no assurances about any deal closing. [*]Irenic's earlier bid ranged between $10.00 and $11.00 per share. [*]The company plans to stay quiet unless forced to disclose more. [/LIST] Family and institutional control complicates everything [LIST] [*]Wesbild holds 44% and is run by the CEO's father. [*]Richmond Hill's private-equity stake sits at roughly 21%. [*]Their combined voting power essentially dictates shareholder approval. [*]Irenic's 9.2% stake carries far less structural leverage here. [/LIST] Reservoir's catalog makes it an attractive target [LIST] [*]Over 150,000 copyrights and 36,000 masters fill the portfolio. [*]Joni Mitchell, Miles Davis, and Sheryl Crow anchor that collection. [*]Last quarter pulled $45.6 million in revenue, up 8% annually. [*]Bertie Higgins' catalog was another recent acquisition for Reservoir. [/LIST] [/QUOTE]

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