Warner Music drops plans to bid for France's Believe (updated)

Believe SA

06/04/2024 16:40

(Adds details, background from paragraph 2-5)
       April 6 (Reuters) - Warner Music Group  WMG.O  will not
submit an offer to acquire French digital music company Believe
 BLV.PA , the music label said in a statement on Saturday.  
        Warner Music had revealed 
    plans
     last month to submit a bid of at least 17 euros ($18.42)
per share for Believe, valuing it at 1.65 billion euros ($1.79
billion), topping an earlier takeover bid from a consortium.
  
        The consortium, made up of Believe's largest
shareholders, had 
    offered
     15 euros per share for the company, pegging its value at
around 1.52 billion euros, 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."
  
        Home to music labels such as TuneCore, Naive and Nuclear
Blast, Believe works with musicians and music labels to help
build up their brand via social media and put their work on
streaming music platforms. The company was founded in 2005 by
Denis Ladegaillerie.
  

    ($1 = 0.9229 euros)
  

 (Reporting by Utkarsh Shetti in Bengaluru; Editing by Andrea
Ricci and Marguerita Choy)
 ((UtkarshUmesh.Shetti@thomsonreuters.com;))