Reservoir Media has confirmed late Wednesday (March 4) that two of its existing shareholders, Wesbild Inc. and Richmond Hill Investments, have submitted an unsolicited, non-binding proposal to acquire all outstanding shares of the company that they don’t already own at $10.50 per share in cash.
The bid arrives just a day after Reservoir disclosed a separate proposal from activist investor Irenic Capital Management, LP — one of its existing shareholders — which had offered between $10.00 and $11.00 per share.
Bloomberg had earlier reported that Irenic had submitted the bid in February, valuing Reservoir at between $1.1 billion and $1.2 billion, including debt.
The second offer triggers a takeover battle for the music company, whose catalog spans a portfolio of over 150,000 copyrights and approximately 36,000 master recordings, with titles spanning the catalogs of Joni Mitchell, John Denver, Sheryl Crow, and others.
Reservoir, which went public on the Nasdaq in July 2021 via a SPAC merger with Roth CH Acquisition II Co., is an independent music company founded in 2007.
On Wednesday, Reservoir said its board has formed a Special Committee of independent directors to evaluate both proposals and weigh any other alternatives.
“There is no assurance that any definitive offer will be made, that any agreement will be executed or that the transaction proposed by Wesbild/Richmond or Irenic or any other transaction will be approved or completed.”
Reservoir Media
“There is no assurance that any definitive offer will be made, that any agreement will be executed or that the transaction proposed by Wesbild/Richmond or Irenic or any other transaction will be approved or completed.”
The company said it does not intend to comment further unless it deems additional disclosure necessary.
Shares of Reservoir jumped more than 8% in Nasdaq trading on Wednesday.
As MBW previously reported, Wesbild holds approximately 44% of the company’s equity and is controlled by the father of Reservoir CEO Golnar Khosrowshahi.
Richmond Hill, a private equity firm, owns approximately 21%. Together, the two hold a combined 65% stake that gives them significant voting power over any transaction requiring shareholder approval.
Meanwhile, Irenic, which holds approximately 9.2% of the company’s equity, has been pushing Reservoir to explore strategic alternatives since at least September 2024, when it publicly called on the company to form a special committee of its board to oversee that process.
Reservoir responded at the time by saying it “values shareholder input” while remaining “focused on executing our strategy to drive value.”
In early February, Irenic filed an amended Schedule 13D filing, indicating that it may consider or propose changes to Reservoir’s ownership, capital or corporate structure, including a potential acquisition or take-private transaction — a move that foreshadowed the bid that subsequently emerged.
Bloomberg had earlier reported that Irenic has been exploring financing options for a deal, including discussions with private credit firms about loan structures backed by Reservoir’s song catalog.
Manhattan-based Irenic Capital Management was founded by Adam Katz and Andy Dodge. Katz, who serves as Chief Investment Officer, is a former portfolio manager at Elliott Management; Dodge, Irenic’s Director of Research, previously held senior roles at Indaba Capital Management.
According to the firm’s website, Irenic “invests in public companies and works collaboratively with firm leadership” with the aim of producing “improvements in operating and financial performance that create long-term value.” In practice, several of its activist campaigns have culminated in the sale of the target companies.
Reservoir’s most recent quarterly results — for the three months ended December 31, 2025 — showed revenue of $45.6 million, up 8% year-on-year, with adjusted EBITDA climbing 11% YoY to $19.2 million. The company also confirmed new catalog deals with Gladys Knight and T.I. during that quarter.
Reservoir has also been on an acquisition spree last year, buying the catalogs of American singer-songwriter Bertie Higgins and the music publishing catalog of Miles Davis.
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