Digital Music Group Believe Gets Takeover Offer of 15 Euros Per Share
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PARIS (Reuters) – French digital music company Believe said it had received a 15 euros per share offer from a consortium made up of some of its largest shareholders to take over the company, in a deal valuing it at around 1.52 billion euros ($1.64 billion).
Reuters had previously reported in January that Believe was examining the possibility of such a buyout offer.
The consortium, made up of U.S. investment firm TCV, Swedish priate equity group EQT and Denis Ladegaillerie – the Chairman and CEO of Believe – would buy 71.92% of Paris-based Believe and then make a full offer for the remaining shares, the company said on Monday.
It added that Believe’s board of directors backed the offer, which represents a premium of 21% over the last closing price and a premium of 43.8% and 52.2% respectively over the volume-weighted 30 and 120-day average share prices.
The tender offer is expected to be filed with France’s AMF stock market regulator during the second quarter of 2024.
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Believe said it was reiterating its 2023 outlook for organic growth of 14% and adjusted EBITDA margin slightly above 5.5%.
(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)
Copyright 2024 Thomson Reuters.
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