It’s a battle of wills between the celebrated rapper and entrepreneur Jay-Z and his business partners Bacardi. According to multiple reports, the two had a handshake deal last December for Bacardi to buy the rapper’s 50 per cent stake in D’Ussé.
Bacardi had the other 50 per cent stake in the cognac line. The partnership has been active since 2012.
Well, things have long changed, with Bacardi accusing Hov of trying to inflate the value of his stake in other to make a bag from the sale. Bacardi is claiming that the songster “abruptly reneged on its agreement and doubled its demanded valuation.”
Although Jay-Z has demanded that Bacardi open up the books, the company has made it clear it has already supplied him all that and that whatever has not been given is private data – relating to the company alone.
Bacardi did not say how much they agreed on, and Jay-Z himself gave no clues about his stakes valuation, which might suggest that both parties are at the moment reluctant to share the company’s valuation with the public. How long that will last remains to be seen.
A hearing is scheduled for the case today, Friday. So you may want to follow us and stay tuned.
