(Photo credits: L. Grassin)
The digital music group Believe, which is the subject of a takeover offer from a consortium of investors, announced this morning that it had received an expression of interest from another player.
Believe specifies that this ‘exploratory, preliminary and non-binding’ contact could, however, result in a more attractive offer for the company and its shareholders.
According to Believe, this contact – whose name is kept secret – could be able to offer a minimum of 17 euros for each share of the company.
The online music specialist emphasizes, however, that this approach does not constitute a formal offer at this stage.
For the record, the investment funds TCV and EQT, associated with Denis Ladegaillerie, CEO of the digital music specialist, announced last month their intention to initiate a purchase offer at a price of 15 euros per share.
However, some analysts considered their proposal a little fair.
Stifel thus underlines that the offer values Believe at 1.15x its expected turnover for 2024, far from the multiples on which Spotify (2.6x), Warner Music (3.5x) or Universal Music (4.4x) trade. ), although the company is growing faster than the industry and its competitors.
Following this announcement, Believe shares rose by almost 6% on Friday morning on the Paris Stock Exchange. The stock has gained nearly 50% since the start of the year.