Warner Music Group Corp. (NasdaqGS:WMG) will not submit an offer to acquire French digital music Believe S.A. (ENXTPA:BLV), the music label said in a statement on April 6, 2024. Warner Music had revealed plans last month to submit a bid of at least ?17 ($18.42) per share for Believe, valuing it at ?1.65 billion ($1.79 billion), topping an earlier takeover bid from a consortium.

The consortium, made up of Believe's shareholders, had offered ?15 per share for the company, pegging its value at around ?1.52 billion, an offer that was backed by the company's board of directors. Believe said in a statement it will ?review the situation with all interested parties (including the consortium) to determine next steps in relation to the possible evolution of the company?s control?.