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Believe’s Board Invites Warner Music Group to Make Them an Offer

Belive's board has asked Warner Music Group to make an acquisition offer for the French company. Financial regulators shot down a competing bid.

Soliciting a take-over bid to compete with an offer by the company’s own chief executive is uncommon and signals an escalation in the fight for control of Believe. In its statement, Believe’s board said the bid from Ladegaillerie and investment firms EQT X and TCV was “not compliant with the rules governing tender offers.” Upon learning of WMG’s approach, the consortium tried to speed up the acquisition process by waiving a condition that the board’s ad hoc committee receive an independent expert report into the financial fairness of their offer.

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