Believe's Ad Hoc Committee Refers Matter to AMF

Believe's Ad Hoc Committee has formally requested guidance from the French Financial Markets Authority (AMF) regarding the ongoing acquisition discussions involving Warner Music Group and a Consortium.

The situation stems from an initial public purchase offer from the Consortium, comprising EQT X, TCV-advised funds, and Denis Ladegaillerie, for Believe shares at 15 euros per share. This offer was contingent on several conditions, including a favorable recommendation from Believe's Board of Directors.

Warner Music Group (WMG) subsequently expressed interest, suggesting a potential valuation of at least 17 euros per share. Following WMG's indication, the Consortium announced it was unilaterally waiving the condition related to the Board's recommendation, stating the acquisition would now only be subject to regulatory approvals.

The Ad Hoc Committee has raised concerns that this waiver could potentially hinder competing offers and prevent shareholders from receiving the best possible price. It seeks to ensure the entire process adheres to applicable regulations.

The AMF's clarification will be crucial in determining the validity of the Consortium's waiver and the progression of any potential acquisition of Believe.