Believe BLV.PA fell sharply on Monday morning on the Paris Stock Exchange, after Warner Music declared on Saturday that it would not submit a takeover offer for the music group.
At 07:22 GMT, Believe BLV.PA lost 9.94% to 14.86 euros, while the SBF120 .SBF120 nibbled 0.39% at the same time.
“Warner Music Group WMG.O announces today that it has decided, after careful consideration, not to submit a binding offer for Believe,” declared the American group, which offered a minimum of 17 euros per share.
Believe is still the subject of a purchase offer from a consortium on all of its outstanding shares at a price of 15 euros per share.
“The ad-hoc Committee will examine the situation with all interested parties (including the consortium (…) in order to determine the next steps relating to the possible evolution of the control of the company, and will inform the market accordingly”, Believe announced in a statement released after WMG’s decision.
(Written by Corentin Chappron, edited by Kate Entringer)