HITS Daily Double


Believe’s board of directors has issued a statement inviting WMG to formally place an offer to acquire the French music company. The WMG invitation arrives following the news that French regulators determined that the Denis Ladegaillerie-led consortium and its plan to take Believe private violates government rules on tender offers.

The Board pointed out that WMG's public announcement of its interest in acquiring Believe earlier in March should be followed up with a "binding, unconditional and fully financed offer."

WMG has until 4/7 to submit an official offer. The Board vowed to "provide WMG with access to a data room including a level of information consistent with the information provided to the Consortium, subject to appropriate confidentiality undertaking."

See Believe's Board of Directors' full statement here.