((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
(Added details and context to paragraphs 2 to 5)
Warner Music Group WMG.O will not submit an offer to acquire French digital music company Believe BLV.PA , the record company said in a statement on Saturday.
Warner Music revealed last month that it planned to submit an offer of at least 17 euros ($18.42) per share for Believe, valuing it at 1.65 billion euros ($1.79 billion), surpassing thus a previous purchase offer from a consortium.
The consortium, made up of Believe’s main shareholders, had offered 15 euros per share for the company, estimating its value at around 1.52 billion euros, an offer supported by the company’s board of directors.
Believe said in a statement that it “will review the situation with all interested parties (including the consortium), to determine the next steps regarding the possible evolution of control of the company”
Believe, which is home to music labels such as TuneCore, Naive and Nuclear Blast, works with musicians and music labels to help them build their brands through social media and put their work on streaming music platforms. The company was founded in 2005 by Denis Ladegaillerie.
($1 = 0.9229 euros)