The digital music label Believe
BLV.PA climbs on the Paris Stock Exchange on Monday after inviting the American Warner WBD.O to submit an offer for the group no later than April 7.
Believe shares rose 5.18% to 16.64 euros at 09:35 GMT.
The French group said in a statement on Monday that its board of directors had decided to invite Warner Music Group (WMG) to “submit a binding, unconditional and fully funded offer for Believe” no later than April 7, 2024.
“To this end, Believe gave WMG access to a data room including a level of information equivalent to that granted to the Consortium, subject to appropriate confidentiality commitments,” the group said.
The move comes as Warner announced earlier this month its interest in a potential tie-up with Believe, where WMG could value Believe stock at a price of at least 17 euros per share.
In February, Believe said it had received a purchase offer from a consortium made up of American investment company TCV, Swedish private equity group EQT EQTAB.ST and CEO Denis Ladegaillerie at a price of 15 euros. by title.
Believe also indicated that it had taken note of the position of the Financial Markets Authority (AMF) in an opinion made public last Friday, which said that the waiver by the consortium of the suspensive condition of a favorable opinion from the board of directors does not comply with the principles governing takeover bids.
The consortium composed of TCV, EQT and Denis Ladegaillerie had decided to lift the suspensive condition of the favorable reasoned opinion of the board of directors at the end of February, in the context of an expression of interest from a competitor, notably Warner.
“The AMF College considered that the consortium’s waiver of the suspensive condition (…) infringes the guiding principles of public offer law,” the AMF said in its letter.
(Writing by Diana Mandiá, editing by Kate Entringer)