WMG - Warner Music Group Confirms Its Indication of Interest in Relation to French Digital Music Company Believe SA | Benzinga
NEW YORK, March 07, 2024 (GLOBE NEWSWIRE) -- Warner Music Group ("Warner Music Group" or WMG") confirms that on February 21, 2024 it approached Believe SA, a global digital music company headquartered in France and listed on the regulated market of Euronext Paris ("Believe" or the "Company") to initiate discussions with respect to a potential combination of Believe with WMG (the "Transaction") and that it indicated on February 27, 2024 that, at this stage, WMG thought it could value Believe at a price of at least €17/share (coupon attached) based on currently available public information.
WMG hereby confirms the indications contained in the press release of the ad hoc committee of the Board of Directors of Believe published on March 1, 2024, which reiterates, in particular that WMG's approach was made to the Company on a confidential, exploratory and non-binding basis and that WMG has requested access to a limited list of key due diligence information with a view to possibly submitting a formal offer relating to the Transaction (as the case may be, by applying usual measures to protect such information).
WMG reaffirms its interest in the potential Transaction and considers that such a combination would be beneficial to the Company and all of its other stakeholders (shareholders, employees, artists and labels). As opposed to the purely financial transaction contemplated by the consortium formed by EQT, TCV, and Denis Ladegaillerie (the "Consortium") announced on February 12, 2024, WMG would provide Believe with strategic support and financial stability to help the development and growth of the Company, including by accelerating its expansion into new geographies. In ...