Believe majority shareholder launches buyout offer
Upbeat BidCo, the majority shareholder of Believe, has announced its intention to launch a public buyout offer for the remaining shares. The offer is priced at €15.30 per share.
Paris – Upbeat BidCo, the majority shareholder in the digital music distribution company Believe, has announced its intention to file a public buyout offer for the remaining shares it does not own. The offer aims to delist Believe from the stock exchange, followed by a mandatory squeeze-out.
The offer is set at €15.30 per share. This price represents premiums of 2.9% over the 30-day, 4.4% over the 60-day, 7.5% over the 120-day, and 6.0% over the 180-day volume-weighted average share prices as of April 14, 2025.
Believe's board of directors has established a special committee composed of three independent directors to oversee the process. This committee will guide the work of an independent expert, Finexsi, which has been appointed to provide an independent fairness opinion on the financial terms of the offer.
Upbeat BidCo currently holds 96.65% of Believe's share capital and 95.42% of its voting rights. The offer is expected to be filed with the French financial markets authority (AMF) today and, subject to regulatory approval, should open in the second quarter of 2025. Following the offer's closure, a mandatory squeeze-out procedure will be implemented if minority shareholders hold less than 10% of the company's capital.