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Believe Board Backs Takeover Bid from Denis Ladegaillerie-Led Consortium

Believe's board supports a takeover bid for the French music company from a consortium of funds along with chairman/CEO Denis Ladegaillerie.

The board of directors of French music company Believe is supporting an offer to take it private at 15 euros ($15.98) per share, with the board’s three independent members unanimously voting in favor of an opinion that the bid is in the interest of minority shareholders, the company announced Friday (April 19). An independent expert, Ledouble, concluded the consortium’s bid is fair from a financial standpoint and lacks any “ancillary items” that could be damaging to shareholders. A month after the consortium’s initial offer was made public, Warner Music Group announced its interest in Believe at “at least” 17 euros per share.

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