Warner Music plans 1.65 bln euro bid to buy France's Believe (updated)

Believe SA

07/03/2024 08:47

(Adds details from statement 6 and background in paragraph 2,7)
       March 7 (Reuters) - Warner Music Group  WMG.O  said it
planned to make a bid of at least 17 euros ($18.52) per share
for Believe  BLV.PA , valuing the French digital music company
at 1.65 billion euros and topping an earlier takeover offer from
a consortium. 
    The U.S. music label's planned bid tops the 15 euros per
share offer from a consortium made up of Believe's largest
shareholders that valued the company at around 1.52 billion
euros. The consortium's offer was also backed by the company's
board of directors.
    Believe's shares rose about 6% to hit a more than two-year
high after Warner's offer on Thursday. 
    Warner's proposed offer represents a premium of 9.5% over
Believe's last closing price of 15.52 euros on March 6.
    Warner Music said that it was awaiting some due diligence
information before submitting a formal proposal to acquire the
French digital music company. 
    
($1 = 0.9179 euros)

 (Reporting by Gursimran Kaur in Bengaluru; Editing by Rashmi
Aich)
 ((GursimranKaur.Mehar@thomsonreuters.com;))