- March 25, 2024
- Posted by: legaleseblogger
- Category: Related News
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Believe Requests Formal Bid from Warner Music Group
BelieveÔÇÿs board of directors on Monday (Mar. 25) asked Warner Music Group (WMG) to submit a formal bid for the French music company after stating that French financial regulators found an offer by a group that includes Believe CEO Denis Ladegaillerie violated certain securities rules.
WMG said earlier this month that it approached Believe in February with a non-binding offer to combine the two companies at a price of ÔÇ£at leastÔÇØ 17 euros ($18.60) per share. It now has until Apr. 7 to ÔÇ£submit a binding, unconditional and fully financed offer,ÔÇØ according to a statement from BelieveÔÇÖs board.
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Uncommon Competition in Take-Over Bid
Soliciting a take-over bid to compete with an offer by the companyÔÇÖs own chief executive is uncommon and signals an escalation in the fight for control of Believe. In its statement, BelieveÔÇÖs board said the bid from Ladegaillerie and investment firms EQT X and TCV was ÔÇ£not compliant with the rules governing tender offers.ÔÇØ
Ladegaillerie and the investors had offered to take Believe private at a price of 15 euros per share ÔÇö or roughly 1.523 billion euros ($1.64 billion) for the company. Upon learning of WMGÔÇÖs approach, the consortium tried to speed up the acquisition process by waiving a condition that the boardÔÇÖs ad hoc committee receive an independent expert report into the financial fairness of their offer. A review by the French financial regulatory body, Autorit├® des march├®s financiers (AMF), stated the group could not waive this condition.
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Believe’s Diverse Business Portfolio
Believe owns a large label services business, digital distributor TuneCore, publishing administration service Sentric, and a stable of record labels including Na├»ve, Nuclear Blast, and Groove Attack. The companyÔÇÖs business model is built around helping to develop artists and using digital marketing and distribution to impact local charts. In 2023, the company posted revenue of 880.3 million euros ($952.8 million at the average exchange rate), up 15.7% from the prior year helped by geographical expansion and strong streaming growth.
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