The consortium of investors planning to launch a takeover bid for Believe took note on Friday of the expression of interest made yesterday by Warner Music Group (WMG), while qualifying it as an "unsolicited" offer.

The American music giant announced yesterday that it was considering buying Believe at a price of 17 euros, a higher figure than the 15 euros proposed by businessman Denis Ladegaillerie, Believe's co-founder and CEO, who has teamed up with funds EQT and TCV.

In a press release, the consortium insists on the "firm" and "fully financed" nature of its project, which remains solely conditional on obtaining the necessary authorizations from the competition authorities.

In contrast, WMG acknowledged yesterday that its expression of interest was "exploratory" and "non-binding".

The consortium added that it considered itself best positioned to enable Believe to pursue its growth and further develop its business.

The investor group, which recalls that it has signed firm agreements with shareholders representing almost 72% of Believe's capital, confirms that it will file a mandatory takeover bid to acquire the remaining 28% as soon as it acquires the block.

Following these announcements, investors seemed unsure of what to do, and Believe shares were down 1% in early trading on Friday.

'The fact that Believe is attracting interest from potential new investors should bring new speculative appeal to the stock in the coming weeks', one trader recently judged.

The share is still up 55% since January 1.

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