PARIS (Reuters) – Warner Music Group confirmed on Thursday that it had approached French digital music group Believe at the end of February to begin discussions regarding a potential merger.
“WMG confirms having indicated on February 27, 2024, based on the public information available at this stage, that it could value the shares of Believe at a minimum of 17 euros per share,” declared the American group in a press release .
“WMG expects to have access to the requested information on February 27, 2024, which it considers essential to enable it, if necessary, to submit a formal proposal,” it added.
Believe announced on February 12 that it had received a purchase offer from a consortium for all of its outstanding shares at a price of 15 euros per share, as part of a transaction valuing the French group at approximately 1.52 billion euros.
This consortium is made up of the American investment company TCV, the Swedish private equity group EQT and Denis Ladegaillerie, president and CEO of Believe
In a press release released on March 1, Believe said it had received another “exploratory, preliminary and non-binding expression of interest, from an interested party seeking to access confidential information and engage in a dialogue with a view to potentially formulate a more attractive offer.
On the Paris Stock Exchange, Believe shares gained 6.44% at the opening, to 16.5 euros.
(Jean-Stéphane Brosse)
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