Publié le 27/02/2024

Music: "Y'a d'la rumba dans l'air" around the Believe takeover

Find the new article by Jérôme CABY, Professor at the Sorbonne Business School.

On February 12, 2024, a consortium made up of investment funds TCV, EQT and its CEO, Denis Ladegaillerie, announced that they wanted to buy all the shares in Believe, a French digital music and services company for artists and labels, as well as their intention to delist the company. This involves the already-acted buyout of up to 75% of the stakes held by the former shareholders (TCV Luxco BD, Ventech, XAnge, the CEO and other shareholders) and the launch of a takeover bid for the balance.

The offer price has been set at 15 euros per share, a premium of 21%. The consortium also states that the premium is 43.8% and 52.2% compared with the volume-weighted average over the last 30 and 120 days. Believe's Board of Directors has welcomed the offer subject to confirmation by an independent expert of the fairness of the offer price.

> Consult the full article in french on The Conversation