Upbeat BidCo Announces Public Buyout Offer for Believe Shares
Believe's majority shareholder, Upbeat BidCo, has announced its intention to file a public buyout offer for the remaining shares. The offer is priced at 15.30 euros per share.
Paris – April 16, 2025 – Upbeat BidCo, an entity held by Denis Ladegaillerie, EQT, and TCV, has announced its intention to file a public buyout offer for shares in the digital music company Believe that it does not already own. This will be followed by a mandatory squeeze-out procedure.
Upbeat BidCo currently holds approximately 96.65% of Believe's share capital and 95.42% of its voting rights. The offer price of 15.30 euros per share represents a premium of 2.9% to 7.5% over the volume-weighted average share prices for periods ranging from 30 to 180 days prior to April 14, 2025.
The Board of Directors of Believe has established an ad hoc committee comprising its three independent directors. This committee, along with an independent expert appointed by Finexsi, will assess the financial terms of the offer and its implications for the company, its shareholders, and employees. The Board has expressed a favorable preliminary view, pending the review of the expert's report.
The offer is expected to be filed with the French financial markets authority (AMF) today and, if approved, to open during the second quarter of 2025. Following the offer period, Upbeat BidCo intends to implement the squeeze-out for any remaining minority shareholders at the same price per share.