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Believe Buyer Led by Denis Ladegaillerie Holds 95% of Shares After Tender Offer

Believe's buyer holds 95% of shares after a tender offer. The consortium led by CEO Denis Ladegaillerie acquired 19.6 million shares during the offer.

The consortium announced a takeover bid for Believe in February at 15.00 euros ($16.10), which represented a 21% premium over the prior closing price. According to an offer document, the consortium wants to take over the company “so that it can better execute on its value-creation plan and accelerate the scale-up of an independent player supporting artists and label clients” and “further grow and consolidate its position as a leader in the French and European markets.” After the Believe board of directors backed the takeover bid on April 19, the consortium purchased a large block of shares from venture capital firms XAnge and Ventech.

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